A Massive Company In Ohio Is Now Moving Jobs Overseas

July 20, 2024

A massive company in Ohio is now moving jobs overseas, affecting nearly 200 jobs from hard working American citizens.

Goodyear Tire & Rubber Co. is relocating a total of 175 jobs to a new Costa Rica in Akron, the company said Friday.

Goodyear confirmed to the Beacon Journal that some workers at its Akron headquarters will be laid off, but it declined to specify the number affected here.

However, a Goodyear spokesperson said no union employees are affected by the layoffs.

“As part of our Goodyear Forward transformation plan, we are relocating 175 roles supporting our Americas business and corporate functions to a new Goodyear location in Costa Rica, effective in early 2025,” the company said in a statement.

Not including employees on leave, more than 2,500 of Goodyear’s approximately 71,000 employees work in Akron, and most of them work at the company’s headquarters, the spokesperson said.

Goodyear President Mark Stewart said in May that the company had trimmed 135 positions in the U.S. and Latin America.

In March, the Beacon Journal reported on Goodyear’s plans to cease operations at its Malaysia plant June 30, leaving about 550 employees jobless.

And in September, Goodyear confirmed plans to remove about 1,200 positions in its Europe, Middle East and Africa sector.

Are you concerned with the continuous layoffs in the United States?

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Other Economy News Today

Applications for unemployment benefits now surge to new highs, a sign that the white-hot labor market is starting to cool off.

First-time applications for unemployment benefits rose last week to 231,000, the highest level since August, per CNN.

Thursday’s data also showed that the number of continuing claims, or applications from people who have filed for unemployment for at least one week, was 1.78 million.

That’s an increase of 17,000 from the prior week, according to the Bureau of Labor Statistics.

The latest numbers come less than a week after the monthly jobs report showed the US economy added just 175,000 positions in April, less than economists expected and a steep drop-off from prior months.

US employers have now added an average of 245,500 jobs per month, versus 2023’s 251,000-per-month average.

Still, hiring remains strong. Although the unemployment rate ticked up to 3.9% last month, it’s the 27th consecutive month that the jobless rate has held under 4%, matching a streak last seen in the late 1960s.

Weekly jobless claims data tends to be volatile but, while one week’s worth of data “does not a trend make,” said Chris Rupkey, chief economist at Fwdbonds.

“We can no longer be sure that calm seas lie ahead for the US economy if today’s weekly jobless claims are any indication.”

“Company layoffs are picking up, hinting at caution on the part of companies as they weigh the outlook for the second half of the year,” he wrote in a note Thursday.

The Federal Reserve has been battling inflation by raising its key lending rate in the hopes of slowing the economy.

While the labor market has so far resisted those efforts, remaining white hot for the past 18 months despite 11 rate hikes from the central bank, Fed Chair Jerome Powell said last week that demand has “cooled from its extremely high level of a couple of years ago.”

Ian Shepherdson at Pantheon Economics said in a note Thursday: “We’d need to see at least a month of elevated readings to convince us that the trend really has turned.”

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Also Read: A Giant Company Now Announces Unexpected Layoffs in Virginia

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