A Massive Company is Now Laying Off Hundreds in Minnesota

A massive company is now laying off hundreds in Minnesota after announcements were made that one thousand workers would be affected.

Charter Communications, also known as Spectrum, has confirmed it will cut more than 1,000 jobs.

The job cuts are set to span across the US in states including Ohio, Texas, Minnesota, Michigan, Wisconsin, and California.

According to local media outlets, a total of 330 jobs will be lost in Rochester, Minnesota.

The company offers telecom services through its Spectrum brand to more than 32 million customers in the US.

“Our goal is to retain as much talent and experience as possible,” said Charter in a statement to DCD.

“Employees at these locations may transfer with relocation benefits to other Spectrum customer service centers and are encouraged to apply for any open position within the company for which they are qualified.

Employees who do not have a role with the company once the center closes will be entitled to comprehensive severance benefits.”

The telco provider reported that it had 101,100 full-time employees at the end of 2023.

The proposed cuts impact around 1.2 percent of Charter’s workforce.

However, Charter isn’t the only US telecoms company to announce job cuts in the last couple of weeks, with broadband firm Cable One revealing plans to lay off 120 people last month, or 4% of its total workforce.

Tower company Crown Castle also said last month that it will close some offices this year, which will lead to job cuts.

Crown Castle didn’t confirm how many jobs will be lost.

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

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

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