An unexpected company is now laying off workers in Virginia according to fresh WARN data advising of the 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 a 60-day notice before laying off 50 or more people at a single site.
The latest company to advise of upcoming layoffs in Virginia is BAE Systems.
BAE Systems is a British multinational aerospace, defense and information security company, based in London, England.
It is the biggest manufacturer in Britain as of 2017.
It is also the largest defense contractor in Europe and the seventh-largest in the world based on applicable 2021 revenues.
Its North America subsidiary, has locations nationwide.
The aerospace company has filed a notice with the Virginia Employment Commission advising that a total of 56 staff at its office in McLean will be laid off on September 14.
However, BAE Systems isn’t the only company who has laid off workers in the state of Virginia this year.
Below is a list of other businesses who have recently cut jobs or have advised of upcoming layoffs in Virginia this year:
- RMC Events. 280 job cuts by 8/12.
- GEO Secure Services, LLC-Lawrenceville Correctional Center. 235 job cuts by 7/31.
- Iron Mountain. 64 job cuts on 6/28.
- Sodexo. 119 job cuts on 5/31.
- UPS. 153 job cuts on 6/3.
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Also Read: Retirees Will Now Receive More Money For Social Security
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.”
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Also Read: A Giant Company Now Announces Unexpected Layoffs in Virginia
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