New Amazon layoffs will now affect 300 staff in California, as the retail giant prepares to close two major facilities in the state.
Amazon has announced it will not renew leases for its warehouse facilities in Irvine and West Sacramento, California, leading to significant layoffs.
According to spokesperson Sam Stephenson, the closure in Irvine will result in 162 job losses, with the facility set to shut down on November 7.
In West Sacramento, 159 employees will be affected, with the closure effective October 30.
The decision to close these sites is part of Amazon’s ongoing evaluation of its network to ensure alignment with business needs and to enhance both employee and customer experiences.
Stephenson noted that the company is committed to assisting affected employees in finding new roles within Amazon, including opportunities at nearby fulfillment centers.
Amazon has been actively restructuring its operations by closing underperforming sites, upgrading existing facilities, and launching new ones to optimize its logistics network.
Following a period of rapid expansion during the pandemic, the company is now implementing significant cost-cutting measures to address excess capacity in its fulfillment operations, per Retail Dive.
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.
A battery giant now announces unexpected layoffs as the market slows, resulting in huge cost-cutting measures and contraction.
Northvolt, a major battery manufacturer for Europe’s electric vehicle sector, revealed on Monday its plans to reduce its workforce and shut down one of its production sites.
The company is also entering discussions with partners and investors regarding the future of its facility in Poland, per CNBC.
Headquartered in Stockholm, Northvolt has established itself as one of Europe’s most valuable privately held technology firms, specializing in lithium-ion batteries for electric vehicles.
The company has formed partnerships with several major automakers, including Volkswagen and Volvo.
In a strategic review, Northvolt stated it faced the need to make “difficult decisions” to align its workforce with a reduced scale of operations.
While the company did not specify how many jobs would be impacted, it emphasized that no final decisions have been made regarding the specifics of the layoffs.
“We remain in constructive discussions with the unions and will make every effort to minimize redundancies,” the company said.
The decision to implement cost-cutting measures stems from a “challenging macroeconomic environment” and a reassessment of Northvolt’s immediate priorities.
CEO and co-founder Peter Carlsson expressed that focusing on core operations is essential for establishing a solid foundation for long-term growth and supporting the development of a domestic battery industry in the West.
Northvolt has encountered various challenges recently, particularly with the broader electric vehicle market facing demand issues.
According to data from the European Alternative Fuels Observatory, electric vehicle registrations in Europe fell by 3% year-over-year in May, while plug-in hybrid registrations dropped by 10%, totaling 226,000.
Adding to its difficulties, Northvolt faced a major setback in June when BMW canceled a €2 billion contract for EV battery deliveries starting in 2024, citing Northvolt’s inability to meet deadlines.
In addition to job reductions, Northvolt is consolidating its battery production operations across Europe.
In Skellefteå, Sweden, the company has placed its cathode active material production facility, Northvolt Ett Upstream 1, into maintenance mode to optimize production costs.
Furthermore, the Northvolt Fem program in Kvarnsveden will be terminated, with the site already sold to an undisclosed buyer.
In Poland, Northvolt plans to discuss potential partnerships regarding Northvolt Systems, which includes its battery systems production site, Northvolt Dwa.
In the U.S., Northvolt intends to integrate its California-based subsidiary, Cuberg, into its Northvolt Labs unit in Sweden.
Last valued at $12 billion by investors, Northvolt has backing from prominent investors including BlackRock, Goldman Sachs, and Volkswagen.
The company is considered a strong candidate for an initial public offering (IPO) in Europe’s tech landscape, with reports suggesting it could be preparing for a stock market listing that might value it at over $20 billion.
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.
Texas now gets hit by a new wave of unexpected layoffs as more businesses file WARN notices advising of upcoming job cuts in the state.
This week, Texas is experiencing a wave of layoffs as multiple companies file notices under the Worker Adjustment and Retraining Notification (WARN) Act.
This legislation requires employers with more than 100 full-time employees to provide 60 days’ notice before laying off 50 or more workers at a single location.
Southwestern Health Resources announced the layoff of 129 employees in Farmers Branch, while MTC Medical LLC reported plans to cut a total of 218 positions by the end of September.
These layoffs are part of a troubling trend in the state.
MII Technologies has also informed the public that 57 employees in San Antonio will be laid off on October 31.
Additionally, Equus Workforce Solutions filed multiple WARN notices indicating staff reductions at various locations, affecting workers in Burnet, Johnson City, Lockhart, San Marcos, Bastrop, Giddings, Round Rock, and Llano.
In a significant move, Texas Children’s Hospital, the largest pediatric hospital in the country, announced on Tuesday that it will reduce its workforce by 5% due to ongoing financial challenges.
Meanwhile, Dell Technologies, the major tech firm based in Texas, unveiled another round of layoffs and restructuring aimed at integrating artificial intelligence into its operations.
In a memo to employees dated August 5, the company outlined its strategy to streamline operations and improve efficiency.
As these layoffs unfold, the Texas workforce continues to face uncertainty amid shifting economic conditions.
Market News Today – Texas Now Hit By A New Wave of Unexpected Layoffs.
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.”
For more news and updates like this, join the newsletter or opt-in for push notifications.
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.
PWC is now laying off a whopping 1,800 employees after announcing a major restructuring plan in the United States.
PricewaterhouseCoopers (PwC) has revealed a significant restructuring plan that will result in the layoffs of approximately 1,800 employees in the United States.
This marks the firm’s first major workforce reduction since 2009, affecting about 2.5% of its U.S. staff.
The layoffs impact a range of positions, from associates to managing directors across business services, audit, and tax, according to a report from the Wall Street Journal (WSJ).
The job cuts are largely concentrated in the advisory and technology sectors, with many of those affected being based offshore.
PwC’s U.S. leader, Paul Griggs, communicated these changes in a memo, stating, “We are positioning our firm for the future, creating capacity to invest, and anticipating and reacting to the market opportunities of today and tomorrow.”
In addition to the layoffs, PwC plans to integrate its products and technology teams into various business lines.
These adjustments are part of a broader restructuring effort initiated by Griggs, who assumed his role as U.S. leader in May.
The firm aims to remain competitive amid a slowdown in certain advisory services.
“To remain competitive and position our business for the future, we are continuing to transform areas of our firm and aligning our workforce to better support our strategy,” said Tim Grady, PwC’s U.S. Chief Operating Officer, as quoted by WSJ.
Meanwhile, PwC’s office in China is facing challenges after losing a major client, Country Garden Holdings.
This setback comes amid ongoing scrutiny of PwC’s auditing role for China Evergrande Group, which is embroiled in a $78 billion fraud case.
In response, PwC China has implemented cost-cutting measures, including layoffs, following the severance of ties with over 50 firms, including Bank of China, due to missed audit deadlines.
This restructuring marks a significant shift for PwC, which had managed to avoid major layoffs in the U.S. since 2009, setting it apart from competitors like Ernst & Young (EY), KPMG, and Deloitte.
Market News Today – PWC Is Now Laying Off A Whopping 1,800 Employees.
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.”
For more news and updates like this, join the newsletter or opt-in for push notifications.
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.
A new round of surprising layoffs now hits California as more businesses file WARN notices advising of the upcoming job cuts.
California is bracing for a significant wave of layoffs as multiple companies across diverse industries have recently filed Worker Adjustment and Retraining Notification (WARN) notices.
From biotech firms to technology giants, thousands of employees are poised to lose their jobs in the coming months, particularly in major cities like San Francisco, Irvine, and San Diego.
These WARN notices underscore the ongoing challenges workers face in an increasingly uncertain job market.
It’s important to note that the Worker Adjustment and Retraining Notification (WARN) Act requires employers to provide 60 days’ notice to employees and local government officials before implementing mass layoffs or closing facilities.
This federal law aims to give workers time to seek new employment or explore retraining options.
Enervenue: 65 employees to be laid off in Fremont in November.
ChargePoint: 64 employees to be let go in Campbell on November 4.
Edwards Lifesciences: 192 staff in Irvine facing layoffs.
Hogan Personnel: 92 staff in Fontana to be laid off on November 2.
Intel: Additional staff cuts across California.
In September alone, several companies submitted WARN notices, including:
Cisco: 53 employees in San Jose laid off on October 18.
Genentech: 93 staff in San Francisco to be let go on October 8.
Vir Biotechnology: 141 employees in San Francisco facing layoffs.
Ajinomoto Bio-Pharma Services: 127 staff in San Diego to be laid off on September 30.
Illumina: 49 employees in San Diego laid off on October 1.
FibroGen: 127 staff in San Francisco facing layoffs.
Velo3D: 42 employees in Fremont to be laid off.
Mosaic Culver: Staff layoffs in Culver City.
Mama’s Ladera Ranch: Permanent closure leading to job losses in October.
Menzies Aviation: 91 employees in Los Angeles to be laid off on October 31.
AT&T: 20 employees terminated in San Ramon.
Fermented Sciences: 50 staff cuts in Ventura.
Bright Innovations Lab: Facility closure in Santa Clarita resulting in mass layoffs.
As these layoffs unfold, the economic landscape in California continues to shift, reflecting the broader challenges faced by workers in today’s unpredictable job market.
Market News Today – A New Round of Surprising Layoffs Now Hits California.
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.”
For more news and updates like this, join the newsletter or opt-in for push notifications.
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.
