A new wave of massive layoffs is now hitting California as more businesses file WARN notices advising of upcoming jobs cuts.
It’s important to note that under the Worker Adjustment and Retraining Notification (WARN) Act, employers must provide employees and government officials a 60 days notice to ahead of plant closures and mass layoffs.
This federal law is intended to give workers the necessary time to seek alternative employment or retraining opportunities.
Over the past few days, several WARN notices have been entered with the California Employment Development Department.
Recently, Paramount Global announced it was cutting hundreds of jobs in Los Angeles, California.
The entertainment company revealed that a total of 288 employees will be losing their job by October 12.
This equates to approximately 15% of reductions from its US workforce.
However, Paramount is only one of many businesses laying off in California.
Below is a list of companies laying off in California in the upcoming months:
- ITC Federal announced they will be cutting 31 staff in Laguna Niguel on October 18.
- Hybrid Apparel is closing a location in Huntington Beach, resulting in layoffs on October 4.
- Mosaic Culver is laying off staff in Culver City.
- Velo 3D is laying off 42 staff in Fremont.
- Fibro Gen is laying off 127 staff in San Francisco.
- Illumina is laying off 49 staff in San Diego on October 1.
- Ajinomoto Bio-Pharma Services is laying off 127 staff in San Diego on September 30.
- Vir Biotechnology is laying off 141 staff in San Francisco.
- Vytalogy Wellness is laying off 33 staff in Santa Ana.
- Texas Scenic Company is laying off 23 staff in the City of Industry.
- Pitney Bowes is laying off 348 staff across two facilities in Stockton and Bloomington.
- Adventist Health is cutting staff in Simi Valley.
- Fastly is laying off 52 staff in San Francisco.
Warn Tracker reports that the state of California is leading the number of layoffs this year, with nearly 20,000 filings reported so far.
For more layoff news and updates like this, opt-in for push notifications.
You can also search for layoffs in your state below.
Also Read: A Giant Company Now Announces Unexpected Layoffs in Virginia
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.”
For more news and updates like this, opt-in for push notifications.
Also Read: Retirees Will Now Receive More Money For Social Security
Market News Published Daily 📰
Don’t forget to opt-in for push notifications so you don’t miss a single article!
Be sure to share this article with your community.
Also, thank you to all of our site sponsors.
This year we’ve been able to increase push notifications slots making it more convenient than ever for new readers to receive their daily market news and updates.
Our readers can now donate $3 per month to support independent journalism.
For daily news and updates on your favorite stories, opt-in for push notifications.
Follow Frank Nez on X (Twitter), Instagram, or Facebook.
Support Independent Journalism ✍🏻
Support independent journalism for just $3 per month!
Your contributions help power Franknez.com as the cost of widgets and online tools continue to rise.
Thank you for your support!
Recommended For You ✨
About The Author
Leave your thoughts below.
For more news and updates like this, opt-in for push notifications.