Summary:

• Job losses continue to be high across critical sectors of the economy, such as construction and manufacturing.
• Layoff contagion is impacting other industries, including Information and Retail Trade, where alarming layoff levels persist.
• The job market exhibits a weakening trend, with job availability declining across all industries.

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The layoff trend shows no signs of abating, with alarming levels persisting in critical sectors of the economy, such as manufacturing and construction.

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Beyond construction and manufacturing, the layoff contagion is spreading throughout the broader economy. Notably, the Information and Retail Trade sectors are experiencing alarmingly high layoff levels.

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Furthermore, while the job market has not yet entered recessionary territory, a consistent decline in job postings is observed across all industries.

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Layoffs in Headlines

Large corporations continue to face substantial job losses, with certain firms leading:

• Microsoft has continued to officially file WARN notices for its previously announced layoffs. The company reported 745 layoffs scheduled to take effect on May 5th, 2023, and an additional 559 layoffs set for May 26th, 2023.
• Walmart filed WARN notices indicating 1,808 layoffs across seven different states, slated to occur in May and June 2023.
• Target's WARN notices reveal three upcoming layoff events, affecting a total of 126 employees.

Other Notable WARN Events

• Pactiv Evergreen's WARN filings have disclosed plans to lay off 1,050 workers in North Carolina and another 155 in Ohio.
• Lucid Motors intends to lay off 968 workers at its car manufacturing plant in Casa Grande, Arizona.
• McLaren St. Luke's Hospital in Maumee, Ohio, will be closing, resulting in the layoff of all 743 employees by May 15th, 2023.

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As the economy edges closer to recessionary territory, it is crucial to closely monitor the health of various economic segments. Livesight's Early Layoff Indicator enables you to delve deeper and identify risky pockets in your portfolio while gaining a better understanding of the state of the economy using fresh, granular, and forward-looking data. Contact us today to schedule a demo and stay ahead of the risk curve.

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