Three massive businesses are now laying off in Virginia 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 provide a 60-day notice before laying off 50 or more people at a single site.
GEO Secure Services, LLC-Lawrenceville Correctional Center has advised that a total of 235 employees will be laid off at the Lawrenceville location by July 31.
Iron Mountain is also warning of upcoming layoffs in Virginia, affecting a total of 64 workers in Sterling by June 28.
Recent layoffs occurred on June 3 by UPS, which affected a total of 153 employees Roanoke.
The night sortation shift at UPS’ Mechanicsville, Virginia, facility closed in February, spokesperson Jim Mayer said confirmed in an email at the time.
Additionally, the day sort at the company’s Warwick, Rhode Island, facility closed on April 2nd and its Maspeth, New York, night sort will shutter on May 10.
“We often evaluate our operations and flex our network to meet volume demands,” Mayer said regarding the UPS layoffs.
“This allows us to continue delivering industry-leading service while also maintaining competitive prices.”
Earlier this year, UPS announced plans to cut 12,000 staff across the U.S., which could save the company $1 billion in 2024, per Business Insider.
Other businesses who’ve warned of layoffs in Virginia this year include:
- Evergreen Enterprises of VA, LLC. 107 job cuts on 5/3.
- IAC Strasburg, LLC. 135 job cuts on 4/26.
- Moog Industrial Group. 156 job cuts on 5/10.
- Sodexo. 108 job cuts on 4/14.
- GALA Group North America, Inc. 60 job cuts on 4/6.
For more layoff news and updates like this, opt-in for push notifications.
Also Read: Retirees Will Now Receive More Money For Social Security
Other Economy News Today
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.”
For more news and updates like this, opt-in for push notifications.
Also Read: A Giant Company Now Announces Unexpected Layoffs in Virginia
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.
Our readers can now donate $3 per month to support independent journalism.
For daily news and updates on your favorite stories, opt-in for push notifications.
Follow Frank Nez on X (Twitter), Instagram, or Facebook.
Support Independent Journalism ✍🏻
Support independent journalism for just $3 per month!
Your contributions help power Franknez.com as the cost of widgets and online tools continue to rise.
Thank you for your support!
Leave your thoughts below.
For more news and updates like this, opt-in for push notifications.