Another massive company now warns of Layoffs in Ohio, resulting in the unfortunate job loss of more than 125 people.
It’s important to note that the Worker Adjustment and Retraining Notification Act requires an employer with more than 100 full-time workers to provide a 60-day notice before laying off 50 or more people at a single site.
Yesterday, two businesses filed notices with the Ohio Department of Job and Family Services.
The first company laying off in Ohio is Optum, who is closing a facility in Toledo, resulting in a total of 129 people losing their jobs.
“On or around May 16, 2024, Optum(Company) will permanently close its facility located at 100 N Byrne Rd, Toledo, OH 43607.
Optum has provided WARN notice to 129 employees located in Ohio,” a statement read.
The second company who has advised of upcoming layoffs in Ohio is Health Help, which is laying off a total of 22 staff on June 28.
Other businesses laying off in Ohio this year include:
- Associated Materials advised they were laying off 184 staff at a facility in Cuyahoga Falls on May 20.
- Arlington Contact Lens Services will be laying off 151 staff in Columbus.
- EVO Transportation advised they were laying off 82 staff at a location in Columbus in June.
- Bon Appetit announced that 222 employees would be laid off due to losing a contract.
- Oak View Group advised they were laying off 108 staff in Ohio.
- Dollar General laid off 265 staff across several Ohio locations.
- Sid Tool Company is closing a warehouse in Columbus, resulting in 130 employees losing their jobs.
- Brightview Landscapes also filed a notice advising that 86 staff in New Albany will be laid off on May 1.
- Global food giant Nestle announced layoffs occurring at Nestlé USA’s Solon campus, which includes 30003 Bainbridge Rd, Solon, OH 44139, 5750 Harper Road, Solon, OH 44139, and 30000 Bainbridge Road, Solon, OH 44139. In total, 254 staff at the campus will lose their jobs in the coming months.
- Amsive LLC advised the Ohio Department of Job and Family Services of job cuts to take place in May.
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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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