A massive logistics company now announces layoffs in Pennsylvania according to a WARN notice filed with the state.
Geodis Logistics, LLC has announced plans to lay off a total of 71 employees at its facility located at 1490 Nitterhouse Drive in Chambersburg, Pennsylvania.
The layoffs are set to take effect on September 30, 2024.
The company filed a WARN Notice with the Pennsylvania Department of Labor & Industry in advance of these layoffs.
GEODIS, which operates 13 locations across Pennsylvania including three in Chambersburg, is a global leader in transportation, warehousing, and supply chain solutions.
The company employs a whopping figure of nearly 50,000 people worldwide and operates in a total of 170 countries, with revenues reaching approximately $14.8 billion in 2022.
“We offer best-in-class services that will move your goods through supply chains in an efficient, reliable, and sustainable way.
Our expertise and scale mean we can optimize every part of your domestic and international supply chains.
As an active partner in our clients’ growth, we focus on three core business lines in the US: transport services, freight solutions, and warehousing,” the company states on its website.
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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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