Around 50 Major Retailers have Reported layoffs in this Year
50
In 2023, the year began with a bleak outlook as retail layoffs surged by 3,225% compared to the previous year, and as we approach mid-year, these layoffs continue at high levels. Retailers reported approximately 56,000 job cuts by the end of August, marking a staggering 524% increase from the previous year. Nearly 50 major retail giants like Kohl's, Gap, Amazon, Walmart, and others have implemented employee layoffs.
558
Stitch Fix will lay off over 558 employees due to the impending closure of a Dallas distribution center, with layoffs commencing on December 1 and continuing until April 5, 2024, when the center shuts down. Stitch Fix plans to offset these job losses by hiring approximately 400 employees as it expands operations at its Atlanta, Indianapolis, and Phoenix locations, offering opportunities to Dallas employees in good standing if positions are available.
4.5%
Harker the president of the Federal Reserve Bank of Philadelphia forecasts that the unemployment rate may reach 4.5% in 2024, resulting in significant job losses, before returning to 4% in 2025. Currently, the unemployment rate stands at 3.8%, the job market has shown unexpected resilience throughout 2023. Since March 2022, the Federal Reserve has raised interest rates 11 to slow the economy and cool inflation, which peaked in the summer of 2022 at around 9%.
209,000
The U.S. Labor Department reported that the initial jobless claims 209,000 filed for the week ending October 7 has remained unchanged from the week before. The largest increases in initial claims were California 1,202, Texas 453, Michigan 409, Virginia 331, Indiana 306 and largest decreases in Ohio 1,528, Alabama 794, Illinois 492, Missouri 470, Colorado 456.
1,258
Qualcomm is set to cut around 1,258 positions across two California offices, Santa Clara and San Diego. This represents approximately 2.5% of the company's workforce, which stood at about 51,000 employees as of September 2022, based on its last annual financial report. The layoffs are scheduled to occur on December 13 in both locations.