Layoffs in Pennsylvania Now Surge To More Than 1,000

July 17, 2024

Layoffs in Pennsylvania now surge to more than 1,000 in recent months as several businesses file WARN notices advising of upcoming job cuts.

Mortgage insurer Radian Group is one of the latest companies to advise of upcoming layoffs in Pennsylvania.

The company says it plans to lay off a total of 70 employees in Pennsylvania in September, according to a Worker Adjustment and Retraining Notification (WARN) sent to the state’s Department of Labor and Industry.

The jobs cut will affect Radian’s corporate headquarters in Delaware County, with the separations expected to happen on Sept. 13.

In the document filed July 12, the company said that the facility will not be closed as a result of workforce reduction.

A spokesperson for Radian wrote to HousingWire that these “were tough decisions” and impacted employees will receive severance package.

“Over the last few months, we have been highly focused on aligning our expenses to reflect the market opportunity we see for each business.

As a result, we have streamlined areas of our technology team and various other areas to attain operational efficiency.

The WARN notice reflects these recent actions,” the spokesperson added.

The most recent layoff reported at Radian occurred in November 2022, when the company cut 166 jobs at its headquarters and Allegheny County office in Pennsylvania.

As a result of the workforce reductions, the company currently has nearly 1,000 employees.

However, several businesses have recently advised of upcoming job cuts in Pennsylvania this year:

Radial, Inc. 645 employees laid off.
Pittsburgh Nursing and Rehab Center is closing, resulting in 124 staff members losing their jobs.
Bonnie Plants is closing a facility in Blairsville leading to 65 people losing their jobs.
Caring People Alliance. 124 employees laid off in Philadelphia.
First Student. 253 employees were laid off in Allentown and Greensburg.
Motional AD, Inc. 145 employees laid off in Pittsburgh.
Bergen Logistics. 100 staff laid off in Wilkes-Barre.
First Student. 86 staff laid off in Northampton.
GEODIS Logistics, LLC. 71 staff members were laid off in Chambersburg.
ES3. 69 staff laid off in York.
Cygnus Home Service. 55 laid off across Berwick, Carlisle, DuBois, Ebensburg, Erie, and Jessup.

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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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