A Painful Wave of Layoffs Now Hits Maryland

A painful wave of layoffs now hits Maryland 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 provide 60 days’ notice before laying off 50 or more people at a single site.

Transdev North America Inc. and its subsidiary First Transit Inc. are the latest companies to significantly reduce their workforce in Maryland.

Both businesses filed WARN notices filed with the Maryland Department of Labor this week.

The transportation companies have announced substantial layoffs affecting nearly 1,000 workers across two locations.

In Hyattsville, Transdev plans to cut a total of 498 positions, while First Transit will eliminate a total of 408 jobs in Capitol Heights.

Both rounds of layoffs are scheduled for June 30, marking a significant blow to the local workforce.

The transportation companies aren’t the only companies laying off in Maryland this year.

Below is a list of businesses who have advised of upcoming layoffs in the state of Maryland for 2024:

  • Jubilant Cadista Pharmaceuticals advised that a plant in Salisbury will close on June 17, resulting in 221 job losses.
  • 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 Painful Wave of Layoffs Now Hits Maryland.
Market News Today – A Painful Wave of Layoffs Now Hits 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 Painful Wave of Layoffs Now Hits Maryland.
Market News Today – A Painful Wave of Layoffs Now Hits Maryland.

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