Layoffs And Job Markets Update May 2023 Insights

Explore Livesight's job market and layoff updates to uncover crucial insights that help financial institutions navigate employment trends and mitigate risks.
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Livesight Team


  • Job losses across the construction industry continue their downtrend, returning to levels seen in the first quarter of 2022.
  • However, the manufacturing, transportation, warehousing, and educational services sectors continue to face heightened layoff levels over the past few months.
  • Geographically, layoff trends over the past three months have mostly increased in Midwest and Southern states.

The downtrend in job losses seems to be sustained within the construction sector. However, the manufacturing sector continues to face high levels of job losses. 

The ripple effects of these layoffs continue to affect sectors like transportation, warehousing, and educational services, where elevated layoff levels remain high.

Across geographies, the Midwestern and Southern states seem to be bearing the brunt of layoffs, with increases in layoff trends over the past three months.

Layoffs in Headlines

  • Meta continues with its second wave of layoffs, filing WARN notices that show 548 affected employees in New York. 
  • Morgan Stanley filed a WARN notice in New York declaring that 452 employees will be laid off in August of this year. 
  • 3M notified the state of Minnesota about a workforce reduction at its corporate headquarters in Maplewood that will affect 1,100 workers.

Other Notable WARN Events

  • Encore Adult Day Health Care in Lexington, Kentucky, notified the state that it will be laying off 450 employees. 
  • Accenture LLP notified the state of Texas of 549 layoffs at its office in Austin, Texas.
  • Fortitude Re, a reinsurance company, notified Tennessee of phased layoffs that will affect 258 employees starting at the end of July 2023 and concluding at the end of the year.

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