A New Round of Massive Layoffs Now Strikes Maryland

A new round of massive layoffs now strikes Maryland as more businesses file WARN notices advising of upcoming job cuts.

Businesses have filed notices with the Maryland Department of Labor advising of new layoffs in Maryland.

The latest company to file layoff notices in the state of Maryland is Megabus NorthEast.

The company has advised that a total of 62 staff in Landover will be laid off on August 9 due to a facility closure.

“Megabus offers city-to-city bus tickets as low as $1 for your travel around the North America, all bookable from your computer or smartphone!

Our system works– beyond our low price bus tickets and easy travel – customers keep coming back for our well connected North American transportation network and great bus service from the moment you book to when you arrive safely and quickly at your destination.

The Megabus model was designed with the customer in mind, and we can’t wait to hit the road with you!,” the company’s website states.

Below is a list of other businesses who have advised of upcoming layoffs in Maryland this year:

  • Jubilant Cadista Pharmaceuticals advised that a plant in Salisbury will close on June 17, resulting in 221 job losses.
  • Crown Castle is laying off 20 employees in Columbia on August 13, while WillScot Mobile Mini is laying off 30 staff in Harmans on July 5.
  • In Hyattsville, Transdev plans to cut 498 positions, while First Transit will eliminate 408 jobs in Capitol Heights. Both rounds of layoffs are scheduled for June 30, 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

Other Economy News Today

Market News Today - A New Round of Massive Layoffs Now Strikes Maryland.
Market News Today – A New Round of Massive Layoffs Now Strikes 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 New Round of Massive Layoffs Now Strikes Maryland.
Market News Today – A New Round of Massive Layoffs Now Strikes Maryland.

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