A New Wave of Unexpected Layoffs Now Hits Arizona

A new wave of unexpected layoffs now hits Arizona 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 must provide 60 days’ notice before laying off 50 or more employees at a single site.

Newrez is the latest company advising of job cuts through the Arizona Department of Economic Security.

The company is laying off a total of 78 staff members in Tempe.

However, Newrez isn’t the only company advising of upcoming layoffs in Arizona this year.

Below is a list of businesses laying off in Arizona:

  • Northrop Grumman has advised that 543 employees in Chandler will be laid off.
  • Panera Bread announced the upcoming closure of its dough-making facility in Chandler, which will result in the layoff of 64 employees.
  • Evernorth Care Group is laying off 261 staff in Scottsdale
  • TuSimple is laying off staff in Tucson
  • Kalil Bottling Company is laying off 546 staff in Tucson
  • All of us Research Program is laying off 45 staff in Phoenix
  • Obvio Health is laying off 51 staff
  • Walmart is laying off 74 staff in Phoenix
  • Savers are laying off 42 staff in Phoenix
  • Devine Holdings is laying off staff in Mohave Valley

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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 Unexpected Layoffs Now Hits Arizona.
Market News Today – A New Wave of Unexpected Layoffs Now Hits Arizona.

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 Unexpected Layoffs Now Hits Arizona.
Market News Today – A New Wave of Unexpected Layoffs Now Hits Arizona.

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3 Comments

  1. Michael Trotta

    Thanks Bidemomics

  2. Frank Nez

    Leave your thoughts below.

  3. Frank Nez

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