A New Wave of Painful Layoffs Now Hits Georgia

A new wave of painful layoffs now hits Georgia as more businesses file WARN notices advising of upcoming job cuts in the state.

It’s important to note that under the Worker Adjustment and Retraining Notification (WARN) Act, employers with more than 100 full-time workers are mandated to provide a 60-day notice before laying off 50 or more employees at a single site.

One of the most recent businesses to advise of upcoming layoffs in Georgia is Atlanta Attachment Company, which advised that a total of 57 staff in Lawrenceville will be laid off.

The filing adds to a growing list of companies that have been led to trim their workforces in recent months, leaving thousands of Georgians facing unemployment.

So far in 2024, there has been approximately 4,021 WARN layoffs in Georgia across a total of 29 businesses.

Below is an updated list of businesses laying off in Georgia this year:

  • Riverpoint Medical. 110 job cuts by 8/2.
  • ZF Active Safety, Inc. 365 job cuts by 7/22.
  • FUTURE FORWARDING COMPANY. 78 job cuts by 8/2.
  • Hello Fresh. 727 job cuts by 7/10.
  • BPA Facility Services, Inc. 58 job cuts by 6/30.
  • Raven Transport Holding, Inc. 62 job cuts by 6/30.
  • Radial, Inc. 95 job cuts by 6/28.
  • Southside Communities Fire Protection, Inc. 112 job cuts by 7/1.
  • Sage Automotive Interiors. 140 job cuts by 6/30.
  • Wellpath LLC. 291 job cuts by 6/30.
  • Club Chef SE LLC. 48 job cuts by 6/30.
  • Chemical Products Corporation. 121 job cuts by 6/22.
  • SIMOS Insourcing Solutions, LLC. 90 job cuts by 7/1.
  • Aludyne. 193 job cuts by 6/30.

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

Other Economy News Today

Market News Today - A New Wave of Painful Layoffs Now Hits Georgia.
Market News Today – A New Wave of Painful Layoffs Now Hits Georgia.

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 Wave of Painful Layoffs Now Hits Georgia.
Market News Today – A New Wave of Painful Layoffs Now Hits Georgia.

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