Four Unexpected Companies Now Warn of Layoffs in Washington

Four unexpected companies now warn of layoffs in Washington state according to the latest WARN notices filed with the state.

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.

Four new businesses have filed with the Washington Employment Security Department.

Paradigm Delivery LLC has advised that a total of 42 employees will be laid off by July 7.

Assurance IQ, LLC. has warned that a total of 112 workers will lose their job by July 3.

Lignetics Inc / GEM Shavings LLC is laying off 9 employees by June 30.

And Take-Two Interactive Software, Inc. has advised that a total of 70 employees will be laid off by June 28.

So far in 2024, there has been approximately 6,983 layoffs in Washington across 36 businesses according to the latest WARN data.

Layoffs in Washington 2024.

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

  • Lululemon USA Inc. 128 job cuts by 6/21.
  • Plug Power, Inc. 107 job cuts by 6/30.
  • Pfizer. 119 job cuts by 6/3.
  • Block. 1 job cuts by 6/3.
  • Volta Charging Industries, LLC. 7 job cuts by 5/31.

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

Other Economy News Today

Market News Today - Four Unexpected Companies Now Warn of Layoffs in Washington.
Market News Today – Four Unexpected Companies Now Warn of Layoffs in Washington.

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 - Four Unexpected Companies Now Warn of Layoffs in Washington.
Market News Today – Four Unexpected Companies Now Warn of Layoffs in Washington.

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