Massive Company is Now Laying Off Hundreds in South Carolina

A massive company is now laying off hundreds in South Carolina at one of its major facilities by the end of the month.

Spectrum services provider Charter Communications is laying off 206 employees at its facility in Greer on July 27.

The layoffs will go into effect on July 27, impacting workers at Charter’s 1511 S. Batesville Road location.

Charter previously said it was letting go 74 employees from the same site as part of its “new, streamlined approach to some back office and management support functions,” according to a spokesperson for the company.

The spokesperson added that the first layoff would have “no impact on the local technicians who install our Spectrum products, make service calls, or who build, maintain and upgrade our local networks”.

Recently, the telecommunications giant has filed several public notices of intended layoffs across the country.

CTInsider reports last week that Charter plans to shut down a total of five call centers in California, Michigan, Minnesota, Ohio and Texas, and a support center in Wisconsin.

A representative from Charter Communications shares that layoffs in Greer were “communicated to impacted employees nearly two months ago”.

Spokesperson Patti Michel added that Charter also offered employees the opportunity to relocate within the company and “many are doing so”.

However, Spectrum isn’t the only company laying off in South Carolina.

Below is a list of other businesses cutting jobs in the state:

  • Carolina Cotton Works is closing a facility in Gaffney resulting in 120 employees losing their jobs on July 2.
  • Wells Fargo is laying off 254 staff in Columbia on August 25
  • SI Group is laying off 74 staff in Orangeburg next March.
  • Tupperware advised it will shut down its only U.S. manufacturing plant, resulting in 148 South Carolina employees losing their jobs
  • Caterpillar is closing a facility in Sumter in September, which will result in 109 employees losing their jobs.
  • FedEx filed a notice advising 241 employees across facilities in West Columbia, Myrtle Beach, and Florence would be terminated in 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.
  • Novant Health is laying off 90 staff in Indian Land on August 25.

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

Other Economy News Today

Market News Today - Massive Company is Now Laying Off Hundreds in South Carolina.
Market News Today – Massive Company is Now Laying Off Hundreds in 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.”

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

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Market News Today - Massive Company is Now Laying Off Hundreds in South Carolina.
Market News Today – Massive Company is Now Laying Off Hundreds in South Carolina.

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