A Massive Company is Now Laying Off Hundreds in Maryland

A massive company is now laying off hundreds in Maryland according to a filing with the state’s Department of Labor.

United Parcel Service (UPS) is set to close a major distribution center in Baltimore County this August, resulting in a total of 540 employee layoffs.

UPS filed a mass layoff notice with the Maryland Department of Labor detailing plans to cease operations at its sorting facility near the intersection of Interstates 95 and 695 on August 23.

This closure follows a previous round of layoffs at the same location in March, which affected a total of 118 workers.

A UPS spokesperson assured that the shutdown would not impact service to the Baltimore area.

The company is now working to relocate the affected employees to an onsite temporary hub or other nearby facilities.

This Baltimore County closure is part of a larger cost-cutting initiative announced by UPS CEO Carol Tomé in January.

The company said it aims to eliminate approximately 12,000 jobs this year in response to declining package volumes and rising wage costs.

However, UPS isn’t the only big company laying off in Maryland this year.

Below is a list of other businesses who have cut jobs in the state:

  • Jubilant Cadista Pharmaceuticals closed a plant in Salisbury on June 17, resulting in 221 job losses.
  • Crown Castle will lay off 20 employees in Columbia on August 13, while WillScot Mobile Mini laid off 30 staff in Harmans on July 5.
  • On June 30, Transdev cut 498 positions in Hyattsville, while First Transit eliminated 408 jobs in Capitol Heights, marking a significant blow to the local workforce.
  • Jacobs Technology laid off 463 staff on May 31.
  • Meanwhile, Upper Chesapeake Emergency Medicine Physicians laid off 190 staff in Baltimore on June 1.
  • Home Depot filed two layoff notices in Maryland, laying off 40 staff across Gaithersburg and Rockville.
  • ADT Solar Health advised that 25 staff in Germantown have been laid off due to a plant closure.
  • LGS Staffing laid off 125 staff on May 10.
  • Essendant closed a location in Hanover in May, resulting in 101 employees losing their jobs.
  • Reimagined Parking filed six WARN notices with the Maryland Department of Labor advising of 33 employees being laid off. Staff were laid off across several locations.
  • Charles River Laboratories closed a facility in Frederick in May, leading to job cuts.

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Also Read: Retirees Will Now Receive More Money For Social Security

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Market News Today - A Massive Company is Now Laying Off Hundreds in Maryland.
Market News Today – A Massive Company is Now Laying Off Hundreds in Maryland.

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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Market News Today - A Massive Company is Now Laying Off Hundreds in Maryland.
Market News Today – A Massive Company is Now Laying Off Hundreds in Maryland.

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