Category: Business News (Page 2 of 535)

Three Unexpected Companies Now Announce Layoffs in New Jersey

Three unexpected companies now announce layoffs in New Jersey according to filings with the Department of Labor and Workforce Development.

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.

Reckitt Benckiser, the producer of well-known brands like Mucinex, Enfamil, and Lysol, says it plans to cut a total of 100 jobs across the next two months.

This decision affects employees at its U.S. headquarters in Parsippany.

The trend extends beyond Reckitt Benckiser, with two other pharmaceutical giants in the county also advising of upcoming layoffs in New Jersey.

Bayer’s Whippany office will lay off 35 people in August, while Novartis Group in East Hanover plans to cut 61 jobs in September.

These announcements come on the heels of Novartis’ previous layoff of 103 employees from its U.S. headquarters in East Hanover.

These workforce reductions, totaling nearly 300 jobs, represent a significant shift in the pharmaceutical industry landscape in New Jersey, raising concerns about the sector’s stability and future in the region.

For more layoff news and updates like this, opt-in for push notifications.

Also Read: Retirees Will Now Receive More Money For Social Security

Other Economy News Today

Market News Today - Three Unexpected Companies Now Announce Layoffs in New Jersey.
Market News Today – Three Unexpected Companies Now Announce Layoffs in New Jersey.

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.”

For more news and updates like this, opt-in for push notifications.

Also Read: A Giant Company Now Announces Unexpected Layoffs in Virginia

Market News Published Daily 📰

Market News Today - Three Unexpected Companies Now Announce Layoffs in New Jersey.
Market News Today – Three Unexpected Companies Now Announce Layoffs in New Jersey.

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State of Florida is Now Facing Massive Retail Chain Closures

The state of Florida is now facing massive retail chain closures according to a new report provided by CoreSight, signifying a distressed industry.

Retail data provider CoreSight noted a 24% increase in store closures over last year in the state of Florida.

Some 3,200 brick-and-mortar stores, including many in Florida, have closed so far this year, and more are expected to close through the remainder of the year, according to a new analysis.

Retail data provider CoreSight noted a 24 percent increase in store closures over last year as the retail industry adjusts to a shift in consumer shopping to online outlets, inflation and bankruptcies.

The 30 stores closing some or all of their locations range from anchor stores such as Macy’s and other mall apparel stores to drugstores and discount stores selling items for around $1.

“A lot of this year’s closures are related to bankruptcies of chains that have been in trouble for a while, like Rite Aid and Rue21,” Neil Saunders, managing director of GlobalData, told CBS MoneyWatch.

“We’re also seeing several retailers, like Family Dollar, take action to weed out underperforming locations.”

Family Dollar led the retail reshuffling by closing 620 stores, including at least one in Florida.

The list of closures also includes traditional mall stores, including clothing retailer Rue21, which announced in May it would close all 543 of its stores as part of its Chapter 11 bankruptcy proceedings. That includes all of the casual women’s and men’s apparel chain’s stores in Florida.

Other stores that have closed in Florida include 23 Walmart Health Centers and five Express stores.

Which retailers have closed in Florida?

According to CoreSight, here are retail closures so far in 2024:

  • Family Dollar (620)
  • Rue21 (543)
  • 99 Cents Only Stores (371)
  • CVS Health (315)
  • 7-Elevan (272)
  • Rite Aid (165)
  • Express (105)
  • Walgreens Boots Alliance (77)
  • Macy’s (51)
  • The Body Shop (51)
  • Soft Surroundings (43)
  • Sam Ash Music (42)
  • Sleep Number (40)
  • Burlington Stores (39)
  • Foot Locker (36)
  • Foxtrot/Dom’s Kitchen & Market (35)
  • Carter’s (30)
  • Abercrombie & Fitch Co. (22)
  • Outdoor Voices (16)
  • Signet Jewelers (14)
  • Big Lots (13)
  • Ashley (13)
  • Dollar General (12)
  • H&M (10)
  • Allbirds (10)
  • American Freight (10)
  • Best Buy (9)
  • Mainline Pharmacy (9)
  • Alimentation Couche-Tard (9)
  • Ross Stores (9)

Consumer spending remains solid, rising 0.2 percent in April, according to the latest available government data.

However, confidence may be declining, according to the University of Michigan’s Surveys of Consumer sentiment.

The consumer confidence dropped to 69.1 in May, down from 77.2 in April.

Jeffrey Roach, LPL Financial’s chief economist, told CBS news that “uncertainty about the inflation path could suppress consumer spending in the coming months.”

For more store closure news and updates like this, opt-in for push notifications.

Also Read: An Unexpected Retailer Is Now Closing All Stores in Illinois

Other Economy News Today

Market News Today - State of Florida is Now Facing Massive Retail Chain Closures.
Market News Today – State of Florida is Now Facing Massive Retail Chain Closures.

An unexpected restaurant now abruptly closes 7 locations in one state after revealing plans to shutter a total of 36.

TGI Fridays is closing a total of seven restaurants in one state as part of the company’s ongoing growth strategy.

This comes after the chain abruptly closed 36 locations across 12 states in at the beginning of the year, per The-Sun.

The restaurant chain will pull the plug on seven locations across the state of New Jersey in the coming weeks.

Today, Fridays will welcome in famished diners at its location in Brick for the final time.

“As we continue along our path of transformation to revitalize the Fridays brand and implement a long-term growth strategy, we see a bright future for TGI Fridays,” said Weldon Spangler, CEO of TGI Fridays earlier this week.

“We are at the helm of a pivotal moment that will allow us to explore boundless advancement, expansion, and innovation to keep delivering ‘That Fridays Feeling’ that our fans know and love.”

Before the closures, TGI Fridays had about 270 US locations, according to the company’s website.

“As part of the store closures, TGI Fridays is offering more than 1,000 transfer opportunities, which represents over 80% of total impacted employees,” the company previously said in a statement.

“Our top priority has always been delivering a superior experience for each and every TGI Fridays guest, and we’ve identified opportunities to optimize and streamline our operations to ensure we are best positioned to meet – and exceed – on that brand promise,” said Ray Risley, US president and chief operating officer, in the release.

Eight other locations were sold to former CEO Ray Blanchette, a longtime stakeholder who will acquire the previously corporate-owned restaurants.

The sale comes as major changes have been made to the brand’s leadership, including the news of Weldon Spangler being made CEO.

“As we continue along our path of transformation to revitalize the Fridays brand and implement a long-term growth strategy, we see a bright future for TGI Fridays,” said Spangler in a statement.

Also Read: Retirees Will Now Receive More Money For Social Security

Market News Published Daily 📰

Market News Today - State of Florida is Now Facing Massive Retail Chain Closures.
Market News Today – State of Florida is Now Facing Massive Retail Chain Closures.

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Also, thank you to all of our blog sponsors.

This year we’ve been able to increase push notifications slots making it more convenient than ever for new readers to receive their daily market news and updates.

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An Unexpected Company Is Now Cutting Jobs in Ohio

An unexpected company is now cutting jobs in Ohio according to a notice filed with the Ohio Department of Job and Family Services.

It’s important to note that under the Worker Adjustment and Retraining Notification Act, an employer with more than 100 full-time workers is required to provide a 60-day notice before laying off 50 or more people at a single site.

This week IAC Wauseon filed a notice with the Ohio Department of Job and Family Services advising that a total of 175 employees will be laid off in the state in the coming months.

Earlier in February, the company laid off a total of 218 employees, according to WTVG.

So far for 2024, there has been approximately 5,361 layoffs in Ohio across 46 businesses according to the latest WARN data.

IAC Wauseon isn’t the only company who has recently advised of upcoming layoffs in Ohio.

Layoffs in Ohio 2024.
Layoffs in Ohio 2024.

Below is a list of other businesses advising of upcoming job cuts in Ohio:

  • Associated Materials laid off 184 staff at a facility in Cuyahoga Falls on May 20.
  • Barclays advised they would be closing a call center in Cincinnati, leading to 252 staff losing their jobs.
  • Health Help has advised that 22 staff in Ohio will be laid off on June 28.
  • Optum is closing a facility in Toledo, which will result in 129 people losing their jobs.
  • Arlington Contact Lens Services will be laying off 151 staff in Columbus.
  • EVO Transportation advised they were laying off 82 staff at a location in Columbus in June.
  • Bon Appetit announced that 222 employees would be laid off due to losing a contract.
  • Oak View Group advised they were laying off 108 staff in Ohio.
  • Dollar General laid off 265 staff across several Ohio locations.
  • Sid Tool Company is closing a warehouse in Columbus, resulting in 130 employees losing their jobs.
  • Brightview Landscapes also filed a notice advising that 86 staff in New Albany were laid off on May 1.
  • Global food giant Nestle announced layoffs occurring at Nestlé USA’s Solon campus. In total, 254 staff at the campus will lose their jobs in the coming months.
  • Amsive LLC advised the Ohio Department of Job and Family Services of job cuts to take place in May.

For more layoff news and updates like this, opt-in for push notifications.

Also Read: Retirees Will Now Receive More Money For Social Security

Other Economy News Today

Market News Today - An Unexpected Company Is Now Cutting Jobs in Ohio.
Market News Today – An Unexpected Company Is Now Cutting Jobs in Ohio.

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.”

For more news and updates like this, opt-in for push notifications.

Also Read: A Giant Company Now Announces Unexpected Layoffs in Virginia

Market News Published Daily 📰

Market News Today - An Unexpected Company Is Now Cutting Jobs in Ohio.
Market News Today – An Unexpected Company Is Now Cutting Jobs in Ohio.

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Also, thank you to all of our blog sponsors.

This year we’ve been able to increase push notifications slots making it more convenient than ever for new readers to receive their daily market news and updates.

Our readers can now donate $3 per month to support independent journalism.

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A New Wave of Surprising Layoffs Now Hits South Carolina

A new wave of surprising layoffs now hits South Carolina as more businesses file WARN notices advising of upcoming job cuts in the state.

Tupperware is advising it will shut down its only U.S. manufacturing plant resulting in a total of 148 employees losing their jobs.

Tupperware filed a notice with the South Carolina Department of Employment and Workforce advising that 148 employees in Heminway will lose their jobs next January.

However, Tupperware isn’t the only company that recently warned of upcoming layoffs in South Carolina.

Also filing a layoff notice this week was Caterpillar.

The company is closing a facility in Sumter in September which will lead to a total of 109 employees losing their jobs.

Layoffs in South Carolina 2024.
Layoffs in South Carolina 2024.

So far for 2024, there has been approximately 2,428 layoffs in South Carolina across 26 businesses according to the latest WARN data.

Below is a list of prominent businesses who have advised of job cuts in the state:

  • Carolina Cotton Works is closing a facility in Gaffney resulting in 120 employees losing their jobs on July 2.
  • Last week FedEx filed a notice advising 241 employees across facilities in West Columbia, Myrtle Beach, and Florence would be terminated on September.
  • T-Roc Global laid off 100 staff in South Carolina on May 31.
  • Logistics Support filed a notice with the South Carolina Department of Employment and Workforce stating that 98 employees lost their jobs on June 7.
  • The Bic Corporation filed a notice advising of impending job cuts due to a permanent closure of a facility in Gaffney. The business will transition operations at the Gaffney plant, which produces a limited supply of BIC Markers, to two BIC factories in France and Mexico. As a result, 46 employees will lose their jobs at the end of the year.
  • Gentherm, which supplies heated seats for the automotive facility, announced it was moving the manufacturing production undertaken at the South Carolina facility to Mexico. The closure resulted in 124 staff at the facility losing their jobs in May.
  • Stanley and Decker are also closing at the end of the year, resulting in 192 employees losing their jobs. In 2023, the company closed a facility in Chesterfield, leading to 179 job losses.

For more layoff news and updates like this, opt-in for push notifications.

Also Read: Retirees Will Now Receive More Money For Social Security

Other Economy News Today

Market News Today - A New Wave of Surprising Layoffs Now Hits South Carolina.
Market News Today – A New Wave of Surprising Layoffs Now Hits South Carolina.

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.”

For more news and updates like this, opt-in for push notifications.

Also Read: A Giant Company Now Announces Unexpected Layoffs in Virginia

Market News Published Daily 📰

Market News Today - A New Wave of Surprising Layoffs Now Hits South Carolina.
Market News Today – A New Wave of Surprising Layoffs Now Hits South Carolina.

Don’t forget to opt-in for push notifications so you don’t miss a single article!

Also, thank you to all of our blog sponsors.

This year we’ve been able to increase push notifications slots making it more convenient than ever for new readers to receive their daily market news and updates.

Our readers can now donate $3 per month to support independent journalism.

For daily news and updates on your favorite stories, opt-in for push notifications.

Follow Frank Nez on X (Twitter)Instagram, or Facebook.


Support Independent Journalism ✍🏻

Support independent journalism for just $3 per month!

Your contributions help power Franknez.com as the cost of widgets and online tools continue to rise.

Thank you for your support!



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