Massive layoffs in California are now underway prior to the holidays according to the latest WARN data.
Under the Worker Adjustment and Retraining Notification Act, an employer with more than 100 full-time workers must provide a 60-day notice before laying off 50 or more people at a single site.
California is seeing growing number figures of upcoming layoffs in the state until the end of the year, mainly through mid November.
The company with the biggest job cuts in California prior to the holidays will be FedEx, where more than 400 people will lose their jobs.
In August, 170 employees were affected in Indiana, 220 in Pennsylvania, and 280 in Texas.
94 and 79 FedEx employees will lose their jobs in Colorado and Ohio for the month of November as well.
So far, California remains the #1 state with the most layoffs in the country.
The state has had 62,674 layoffs this year across 1,114 businesses.
Below is a list of businesses that filed WARN notices of upcoming job cuts in California this year:
- FedEx. 405 job cuts by 11/15.
- Sonoco Products. 292 job cuts by 11/01.
- Shaw Industries Group Inc. Plant WG. 283 job cuts by 11/20.
- Matheson Flight Extenders, Inc. 257 job cuts by 11/13.
- PLI Holdings, Inc. job cuts by 11/14.
- LEER Group. 215 job cuts by 11/11.
Other Economy News Today
The Golden State’s population declined by approximately 340,000 between 2021 and 2022 as Californians continue to exit the state, according to recently released US Census Bureau migration data.
Between 2021 and 2022, a nearly whopping 818,000 residents moved out of California.
During that period of time, only 475,800 people moved to California; a massive difference in number figures.
High housing costs and long commutes are cited as the primary reasons for the exodus.
“The ability to work remotely and not need to live near a big city also factored into the exodus,” says Cal Coastal News.
“Of the Californians who left the state from 2021 to 2022: 102,442 moved to Texas, 74,157 now reside in Arizona and 50,701 left for Florida.”
Texas has remained the most common destination during the California exodus.
Lower taxes and lower housing costs have attracted more than one hundred thousand Californians to the state.
“We are losing younger folks, and I think we will see people continuing to migrate where housing costs are lower.
There are good jobs in California, but housing is incredibly expensive. It hurts young families, and it hurts immigrant families, says Manuel Pastor, a professor at USC.
A recent poll showed four in ten Californians are considering moving out of state, with the majority saying it’s too expensive to live there.
“The state’s culture and diversity have proved to be a very powerful magnet to keep a lot of people here, even despite the affordability challenges.
But as the cost of living continues to be a greater challenge, it’s logical to assume that the allure of moving to a more affordable location is going to continue to grow”, says Dan Schnur, a communications professor at USC and the University of California, Berkeley.
Market News Published Daily 📰
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.
- Gain access to EXCLUSIVE FrankNez articles you won’t find here.
- Become part of a private and safe Discord community, just for retail investors.
- Get drawn at the end of the year for holiday giveaways.
Recommended For You ✨
- The US Treasury Direct is Now Freezing Customer Accounts
- Wells Fargo is Now Freezing Bank Accounts in New Scandal
- A Massive Bank Now Closes Several Branches in Florida
- Florida Now Has Massive Departures As Hundreds of Thousands Leave
- Chase Customers Now Unable to Access Money Through ATMs
- A US Company Now Declares An Unexpected Bankruptcy