Two unexpected companies are now laying off in Virginia this year according to a Worker Adjustment and Retraining Notification Act notice.
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.
Two new companies are now advising of upcoming layoffs in Virginia by next month.
- Iron Mountain is laying off a total of 65 employees in Sterling, Virginia by 6/28.
- UPS is laying off a total of 153 employees in Roanoke, Virginia by 6/3.
The night sortation shift at UPS’ Mechanicsville, Virginia, facility closed in February, spokesperson Jim Mayer 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.
“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.
In early May, Universal Protection Service, LLC. laid off a total of 86 employees while Evergreen Enterprises of VA, LLC. laid off a total of 107 employees in the state.
So far for 2024, there has been approximately 1,031 layoffs in Virginia across 12 businesses, according to the latest WARN data.
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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.”
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Also Read: A Giant Company Now Announces Unexpected Layoffs in Virginia
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