A New Wave of Painful Layoffs Now Hits Texas

A new wave of painful layoffs now hits Texas 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 Act, an employer with more than 100 full-time workers must give 60 days’ notice before laying off 50 or more people at a single site.

One of the latest companies to have issued a warning of painful layoffs is Zachary Holdings, which is cutting more than 4,000 jobs in Sabine Pass after filing for an unexpected bankruptcy.

An additional 307 positions are being terminated in Baytown, with another 15 job cuts happening in Beaumont.

The painful layoffs in Texas represent a heavy blow to local communities that have relied on Zachry Holdings’ operations as a major employment hub.

However, this is not the only company in Texas laying off in the coming weeks to months.

The state of Texas has taken a big hit regarding company layoffs.

Layoffs in Texas 2024.
Layoffs in Texas 2024.

Below is a new list of upcoming layoffs in Texas this year:

  • Unleashed Brands (Towson). 48 job cuts by 5/21.
  • Walmart (Carrollton). 206 job cuts by 8/9.
  • Walmart (Dallas). 1,266 job cuts by 8/9.
  • VSPOne. 14 job cuts by 7/18.
  • Rarefied Atmosphere, Inc. 106 job cuts by 7/12.
  • Arkane Studios, LLC. 96 job cuts by 7/6.
  • Select Specialty Hospital Longview-Select Medical Corporation. 94 job cuts by 6/30.
  • Baylor Scott & White Institute for Rehabilitation-Home Health. 81 job cuts by 6/30.
  • Goldstar Transit. 500 job cuts on 6/1.
  • Kohl’s Corporation. 93 job cuts by 6/14.
  • Expedia. 84 job cuts by 6/21.

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

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

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