Layoffs and Job Markets Update July 2023 Insights

August 22, 2023

Summary

  • Job losses in the Educational Services, Wholesale Trade, Real Estate, and Rental and Leasing sectors have seen a sharp decline over the month of July.
  • Conversely, job losses in the Mining and Utilities sectors have shown an upward trend, following a recovery from a significant surge that peaked in October 2022.
  • Additionally, job postings in Mining and Utilities have weakened over the past year.

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Over the month of July, the uptick in the job losses across Educational Services, Wholesale Trade, Real Estate, and Rental and Leasing sectors have experienced a sharp decline. We will monitor these sectors in the upcoming months to see if this is a temporary relief, or a lasting one.

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However, over the past three months, job losses in the Mining and Utilities sectors have been on a gradual rise, following a recovery from a significant surge that peaked in October 2022

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Alongside rising layoff levels, job postings in the Mining and Utilities sectors have also seen a decline over the past year. Interestingly, we've observed a similar weakening trend across these two industries towards the end of the summer season, which could explain the patterns we're currently witnessing.

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Layoffs in Headlines

  • Yellow Corporation is shutting down and laying off all its employees. WARN filings from July indicate 23,569 layoffs.
  • Stitch Fix has filed 11 WARN notices with the state of Pennsylvania, revealing plans to lay off 393 employees over the next two months.
  • Microsoft is laying off another 276 employees in Bellevue and Redmond, according to WARN filings with the state of WA.

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Other Notable Layoff Events

  • Pfizer has filed a WARN notice with the state of Illinois, impacting 69 employees at its Lake Forest location.
  • PVH Corp. plans to lay off 136 employees across NY and NJ.
  • Campbell Soup Corporation will lay off 116 employees in CT and NC as it plans to close its offices in Norwalk, CT, and Charlotte, NC.

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