Apple Layoffs Now Surge As 100 More Employees Get Axed

August 28, 2024

Apple layoffs now surge as 100 more employees get axed, specifically in its Apple News and Apple Book segments, per Bloomberg.

The latest round of Apple layoffs are taking place during the fourth quarter of 2024.

This is now the fourth time the tech giant has reduced its workforce this year.

The news comes as CFO Luca Maestri has stepped down prompting the question whether this is merely a small restructuring or part of a broader goal.

Maestri was able to maintain lower layoffs as well as lower costs for labor, according to Yahoo Finance reports, Madison Mills.

The biggest round of Apple layoffs was only 600 jobs since the pandemic when they over hired.

Shares of the company are up more than 22% this year-to-date.

The layoffs at Apple further fuel the significant growth of job cuts in the state of California.

The state of California has historically had the most layoffs in United States, and is usually followed by Texas, per WarnTracker.

For example, in 2024 alone, California has tracked at least 20,730 WARN layoffs across a total of 513 companies.

While these WARN layoffs do not represent the total number of workforce reductions, it paints a clear picture of how the state continues to lead in job cuts.

You can search for layoffs in your state here, or follow our layoff news for updates.

Also Read: Cisco Now Profits Billions And Makes Thousands of Unexpected Layoffs

Layoff and Unemployment Report

Layoff News Today - Apple Layoffs Now Surge As 100 More Employees Get Axed. — Layoff News Today – Apple Layoffs Now Surge As 100 More Employees Get Axed.

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%, it as seen 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 earlier this quarter: “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: Retirees Will Now Receive More Money For Social Security

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