Two unexpected companies in Georgia now announce layoffs this week 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 give 60 days’ notice before laying off 50 or more people at a single site.
Two additional businesses have filed WARN notices with the Georgia Department of Labor advising of upcoming layoffs in the state.
ZF Active Safety has advised that the company is laying off a total of 365 staff in Flowery Branch.
Meanwhile, Riverpoint Medical is laying off a total of 110 staff in Norcross.
So far in 2024, there has been approximately 3,546 layoffs in Georgia across 27 businesses according to the latest WARN data.
Below is a list of other businesses laying off in Georgia this year:
- Chemical Products Corporation has advised that 122 staff in Cartersville are being laid off.
- 727 Hello Fresh employees in the Atlanta area will lose their jobs as a local distribution center is closed.
- Raven Transport Holding advised that 62 employees across Georgia will be laid off.
- Wellpath LLC is laying off 291 staff across Georgia.
- Club Chef SE LLC is laying off 48 staff.
- Sage Automotive Interiors has advised that 140 staff are being laid off due to a facility closure.
- Aludyne is closing a facility in Columbus, resulting in 193 layoffs in June.
- Bionano Genomics also filed a WARN notice with the Georgia Department of Labor advising of 76 layoffs.
- Hollingsworth has advised that they are ceasing operations at a facility in Marietta due to losing a contract with Lockheed Martin, which resulted in 74 employees being laid off. However, there is some hope for those workers, with Lockheed Martin interviewing some displaced workers for positions.
- The news isn’t as promising for Jindal Films employees. They are closing their facility in LaGrange in May, meaning all 98 staff working there will be laid off.
- These notices follow just hours after FedEx filed a notice advising that 326 employees at a facility in Union City will be laid off. The mass layoff is expected to be permanent. Employees will be paid severance and offered opportunities at other FedEx facilities, including the one in Jackson, approximately 50 miles away.
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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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