An Unexpected Company Now Creates Layoffs in Maryland

An unexpected company now creates layoffs in Maryland, affecting a total of 229 employees in Hyattsville, according to a WARN notice.

MV Transportation, Inc. filed a notice this week with the Maryland Department of Labor advising that a total of 229 employees in Hyattsville will be laid off on Wednesday, July 24.

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.

“MV Transportation is the leading provider of paratransit services and the largest privately-owned passenger transportation contracting firm in the United States,” the company states on its website.

“We provide safe, reliable, and affordable transportation services, partnering with over 200 city and county government transit agencies, school districts, universities, and corporations.

In addition to paratransit, the company offers fixed route, campus and corporate shuttle, and student transportation services.”

MV Transportation isn’t the only company advising of upcoming layoffs in Maryland.

Below is a list of other businesses laying off in Maryland this year:

  • TJubilant Cadista Pharmaceuticals advised that a plant in Salisbury will close on June 17, resulting in 221 job losses.
  • Jacobs Technology has filed a WARN notice with the Maryland Department of Labor advising that 463 staff will be laid off on May 31.
  • Meanwhile, Upper Chesapeake Emergency Medicine Physicians is laying 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 - An Unexpected Company Now Creates Layoffs in Maryland.
Market News Today – An Unexpected Company Now Creates Layoffs in 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 - An Unexpected Company Now Creates Layoffs in Maryland.
Market News Today – An Unexpected Company Now Creates Layoffs in Maryland.

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3 Comments

  1. Kevin

    Fjb no doubt!

  2. Frank Nez

    Leave your thoughts below.

  3. Frank Nez

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