Layoffs And Job Markets Update May 2023 Insights

June 14, 2023

Summary

  • 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.

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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. 

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

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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.

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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.

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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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