Job losses across the Construction, Retail Trade, and Information sectors have been on a downward trend for the past few months.
Conversely, job losses within the Educational Services, Wholesale Trade, Real Estate, and Rental and Leasing sectors have been on an upward trend over the past six months, showing no signs of slowing down.
Despite a nationwide slowdown in job postings, there remain approximately two job postings per employee in these troubled sectors. Interestingly, these sectors have also experienced an increase in salary levels.
Over the past three months, the Construction, Retail Trade, and Information sectors have experienced a slowdown in the number of job losses. Current layoff levels are nearing those seen in the first half of 2022
The downtrend in job losses is not a common phenomenon. For instance, the Educational Services, Wholesale Trade, Real Estate, and Rental and Leasing sectors have experienced an upward trend in job losses over the past six months, with no signs of abating
Diving deeper into these troubled sectors, despite a sharp decrease from Q4 2022, job posting levels remain robust, averaging about two job postings per employee
Salaries across these three industries are also on the rise, a trend partly explained by inflation-driven nominal wage increases
Layoffs in Headlines
Walgreens continues its layoffs across Illinois, closing an e-commerce distribution center in Edwardsville, which will affect 393 employees.
AT&T filed two WARN notices in New Jersey and Illinois, affecting a total of 108 employees.
Johnson Controls has notified the state of Kansas about its plans to reduce 250 jobs at its plant in Wichita.
Other Notable Layoff Events
Accenture LLP continued its job cuts in Austin, Texas, adding a total of 218 additional layoffs to those made in May.
Robinhood Markets filed two WARN notices in Florida and California, resulting in 68 job cuts.
GXO LOGISTICS continued its job cuts, this time affecting 77 employees in Fairburn, GA.
Navigating Future Economic Shifts
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