‍Summary

• Job losses across construction and manufacturing seem to have started a downtrend trend, although it’s still at alarming levels.
• The ripple effect of layoffs is spreading through the economy, touching more sectors including transportation and warehousing, along with educational services. These industries have been facing heightened layoff levels over the past few months
• The job market echoes this weakening trend, with job openings continuing to decline across all sectors

‍

A decrease in job losses seems to be underway within the construction and manufacturing sectors. Nonetheless, these industries continue to face a high level of job losses, highlighting the need for ongoing vigilance and effective strategies.

‍

As layoffs continue to ripple through the economy, they're extending their reach to sectors like transportation, warehousing, and educational services. Over the past few months, these sectors have been grappling with an increase in layoff levels.

‍

Echoing the broader economy, these two industries have also witnessed a consistent decline in job posting activities

‍

Layoffs in Headlines

• Bed, Bath, & Beyond and Buy Buy Baby continue to announce store closures and layoffs nationwide.
• David’s Bridal bankruptcy announcement has triggered WARN notices in many states with layoffs and closures. Layoffs at the corporate headquarters have already begun and layoff at store locations will begin this summer.
• Meta Platforms continues with its layoffs, notifying 343 of its employees in New York that they will be laid off, beginning on July 21st, 2023.

‍

Other Notable WARN Events

• Cepheid, an American molecular diagnostics company, has filed WARN notices for 16 locations throughout California, impacting 628 workers.
• Thermo Fisher Scientific continued filing WARN notices in April. Since November 2022, they have filed 12 separate WARN notices affecting a total of 810 employees in California and New Jersey.
• Honeywell Intelligrated LLC has announced its plan to shut down its facility in West Chester, Ohio. This closure will begin to affect 223 employees starting in June and is expected to continue until the end of the year.

‍

As we confront an emerging economic slowdown, continuous monitoring of various economic sectors has become increasingly crucial. Livesight's KYBIG data serves as a powerful assistant, enabling a broader understanding of the economy through a fresh, granular, and forward-looking data lens. Leveraging Livesight data simplifies the process of spotting diverse trends across industries reliably. Get in touch with us to see a demo and take the first step to stay ahead in these uncertain economic times.

‍