Another business now announces unexpected layoffs in Michigan, just days prior to Christmas, according to the latest reports.
Morgan Olson, a prominent manufacturer of aluminum delivery trucks and vans, has announced a significant reduction in its workforce at its Michigan facility, as part of a larger series of layoffs affecting several of its locations.
The Michigan plant, known for producing vehicles for major companies like UPS, FedEx, and Aramark, is set to begin layoffs on December 22, with 183 workers expected to be affected by the end of the year.
The layoffs at the Sturgis, Michigan facility are a response to the delay in new vehicle purchase orders, a consequence of the current challenging economic conditions.
Morgan Olson stated that the workforce reduction is temporary, with the hope of rehiring employees as market conditions improve.
This approach is consistent across its facilities in Michigan, Tennessee, and Virginia, where a total of 908 workers are slated for layoffs.
So far in 2023, there has been approximately 9,390 layoffs across 62 businesses according to the latest WARN data.
California remains the #1 state with the most layoffs in the country.
In second place is New York followed by Colorado, Illinois, Texas, Washington, New Jersey, Florida, Michigan, and Georgia.
Below is a list of companies who have advised of upcoming layoffs in Michigan so far during the fourth quarter of 2023:
- RPT REALTY. 99 job cuts, filed 10/30.
- FAITH PLASTICS LLC. 10 job cuts, filed 10/17.
- Exela Technologies.44 job cuts, filed 10/17.
- ANTOLIN. 146 job cuts, filed 10/13.
- ST JAMES NURSING & PHYSICAL. 34 job cuts, filed, 10/10.
- ACCENTURE TECHNOLOGY. 83 job cuts, filed 10/9.
- Meridian Lightweight Technologies Inc. 25 job cuts, filed 10/04.
- GREAT LAKES CASTINGS LLC. 100 job cuts, filed 10/03.
- DURA FREMONT LLC. 25 job cuts, filed 10/3.
- VENTRA EVART LLC. 414 job cuts, filed 10/3.
Also Read: Massive Layoffs in California Now Underway Prior to Holidays
Other Economy News Today
64 bank branches have now filed to close down according to the latest notice from the U.S. Office of the Comptroller of the Currency.
During the week between November 12 and 18, a total of 64 bank branches filed to close down for good.
The closures will affect customers of more than 10 well-known banking chains, reports The-Sun.
“PNC Bank, the country’s sixth largest, decided to shutter the most branches during that week.”
“A total of 19 locations were slated to closed for good across eight states from Texas to New Jersey.”
PNC has already closed dozens of branches this year, with chief executive officer William Demchak telling investors in July that the bank is “going to have to take a hard look” at where it can “generate savings.”
Chase filed to close the second-largest amount of branches during the November bloodbath, with 18 locations being slated for closure.
Citizens Bank filed to close eight branches, U.S. Bank filed to shutter seven locations, and Bank of America filed to close five locations.
Meanwhile, Citi Bank slated two branches for closure, and several smaller banks filed to close a single location.
One of the biggest reasons why we’re seeing more bank closures across the country is due to the massive rise of online banking.
The surge of online banking has triggered banks to pivot more towards the digital world, resulting in US bank closures.
Although many Americans enjoy the convenience of online banking, experts have warned that a digital banking industry leaves certain customers vulnerable to improper practices.
A report from the National Community Reinvestment Coalition found that when there are fewer branches in an area, more people use “alternative financial services that open them to unregulated and predatory financial practices.”
Meanwhile, a recent survey by Daily Mail found that 51% of Americans were either “very concerned” or “somewhat concerned” about the closure of bank branches.
But I’d love to know your thoughts on these bank closures — leave your thoughts in the comment section down below.
Also Read: A US Bank is Now Denying Customers Access to Money
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