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Layoffs and job cuts are part and parcel of a period of stagnant economic growth. Owing to the current global slowdown, layoff rates across the U.S. are rapidly rising each month, with California and New York taking the biggest hits! According to economic experts, the situation remains grim and such numbers are only expected to soar even higher.

A layoff is when an employer decides to terminate the work of his human resource, thereby releasing them from the company by paying off the remainder of their contracts.

Layoffs occur due to a number of reasons, the most of common of which are complete plant shutdowns, and halting work on least beneficial activities in times of an economical crisis, to ease the burden on the business.

With economic markets tumbling across the globe, job cuts are becoming a theme everywhere in the States.        In just 2 months, mass job cuts have nearly doubled from 43,884 in December, 2018, to a staggering 76,835 by the end of February, 2019. Looking at February, 2018, total mass layoffs across the U.S. were close to 35,000.

The State of California has had a significant rise in layoffs in the past eight months, amassing a total of 509 WARN notices that uprooted more than 48,000 employees from their jobs. Coupled with that, the job growth is as unhealthy as it has been over the better half of the last decade, peaking at 1.2% over the past year – not a great sign for employees working at a WARN Act applicable company.

Another State marred with layoff trouble is New York, with mass job cuts across economic, health, teaching, and the media departments at the forefront. Digital media outlets let go of a large community of reporters and writers in less than a week; the numbers reportedly going over 5000 jobs. The Berkshire Bank reported closing a number of its branches, and the Prestone Press, a long-standing success in the economic department, closed its doors permanently to mark massive layoffs. Schools and fashion designers laid off a ton of their employees, all in a single month.

Employers have to pass WARN notices to their labor force well before they get laid off under Federal and State Laws. Inability to do so can land a firm in a serious pinch.

The Labor Alerts Application provides the means to employers to pass timely WARN notices to employees, with the latter also possessing a tool to monitor their status at all times.

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A global slowdown in the economical market has significantly affected the job growth and unemployment rate in recent months, and the situation is not looking to improve in recent months. Rather, it is forecasted to get worse.

Such state of affairs requires employees to remain vigilant about their jobs, as the risk of getting laid off rises with fears of a global recession. Employees look to ease the burden on their company’s economical situation while remaining at the top of the market. To do so, the least beneficial posts are abolished and the worker at that post laid off.

We, at Labor Alerts, understand the need of employees in these desperate times by providing a great tool to monitor the job market as well as keeping tabs on the situation surrounding their workplace. Join the community at laboralerts.com to remain up-to-date with the employment situation across the States.

The Labor Alerts application provides you with Worker Adjustment and Retraining Notification (WARN) notices which are directed by the ETA, short for Employment and Training Administration. Under the act, employers are to inform workers of their position 60 days prior to a change in cases like layoffs, plant closing or workforce adjustment. This provides a buffer for an employee to assess his/her options before finding themselves in an undesirable spot.

Labor Alerts also provides employees with alerts about WARN notices in case of layoffs or a complete shutdown. An employer working under a business that is subject to the WARN Act, needs to be given a notice 60 days before they are to be laid off.

We provide a platform to employees to check on notices in a centralized database and a method of providing information to employees.

The critically analyzed statistical data provided by the Labor Alerts team is a one stop source of what an employee needs to be aware of in relation to employment in his/her State and any particular area they may be interested in. The easy-to-read mapped out graphs and numbers need only a glance to extract specifics about companies, affected employees, comparisons between States, and much more!

Download the Labor Alerts app to obtain swift WARN notices, along with updated information on the employment situation in your work area right now!

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With fears of a global slowdown, eyes are on its effect on the unemployment rate and job growth across the States. Reportedly, job growth has been abysmal in the month of February – the most limited it has been in over a year.

The stagnation in new job openings and a declining economy is observed by a meager 20,000 new openings in the U.S. economy. This has been the lowest since September, 2017. In comparison, over 200,000 new jobs were being created across the U.S. each month over the past year.

The businesses taking the hardest hits are the Construction department, Restaurants and Hotels, and Retail companies.

The U.S. Bureau of Labor Statistics stated that the Unemployment Rate for in the month of January this year rose to 4.0%, slightly higher than the estimated 3.9% for the month, and an increase by 0.3% in the 3.7% it had fallen to in December, 2018.

This number dropped to 3.8% in February, 2019, a result of government workers returning after a partial shutdown in the previous month.

There have also been consistent spikes in the Average Hourly Pay each month over the past year, rising to 3.4% in February of this year. It is the highest it has been since The Great Recession, but also might be an indicator of market inflation.

These are the official numbers under the U-3 Unemployment Rate.

The U-6 Unemployment Rate, which also accounts for part-time workers, makes for a more in-depth reading of the unemployment situation. These part-timers may work less than two hours per week and seek full-time work, but they are counted as employed under the U-3 reading. The U-6 Unemployment Rate also includes those not part of the labor force, known as Marginally Attached Workers. They do not make part of the part-time workers as they do not necessarily look for full-time jobs, but would like to work full time.

The U-3 Unemployment Rate for February, 2019 is 3.8% while the U-6 Unemployment Rate is 7.3%, slightly less than double the official number. This was 8.1% a month prior.

There is no certainty over jobs and an employee getting laid off to repair economic damage is a likely possibility. With the sharp drop in new openings, one would find it useful to remain updated with the situation in and around their State.

Download our Labor Alerts Application for the latest statistics and learn means to keep your profile updated:

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There has been a consistent decline in the global economic market in the recent few months, raising fears of a global slowdown.

Global slowdown, which broadly turns into a global recession if not stabilized, is a tumble in the global economy. Trade deficit and a rise in the unemployment rate are some major indicators of a slowdown.

The FTSE 100, an Index to monitor the market capitalization of the companies that are part of the London Stock Exchange, indicates a sheer drop in trade, ending at 2% lower.

There is unrest among investors amid the Brexit uncertainty and the trade tensions between the U.S. and China, with an expected drop in economic growth compared to previous years. Companies that make more than half their sales outside the U.S. are expected to make little to no revenue in the following months – their earnings estimated to drop by a major 11.2%.

The U.S. Central Bank also indicated a drop in economic power. The interest rate is expected to remain either stagnant or drop through the course of the year.

Post The Great Recession (the most recent case of unemployment and economic downfall), the unemployment rate has seen a gradual decline over the years. According to The U.S. Bureau of Labor Statistics, the rate ranges from a staggeringly high 10% at the end of 2009 to 3.8% in the May of 2018. The number has remained steady from then to December, and has since risen to 4.1% in February, 2019, a little higher than the estimated 3.9% for the month.

Similar to The Great Recession from a little over a decade ago, unemployment rates are potentially on the rise as more and more workers are getting laid off by companies to reduce their economic burden. Looking back at the months prior to The Great Recession, the rate of unemployment always exceeded its estimated value for each month, and was coupled with a fall in the stock market.

This is quite alarming for the working class of the U.S. as the opportunities to find work grow thinner by the day. Firms highlight and halt their least benefitting activities, which effectively reduces the number of jobs and adds to the unemployed masses.

The unrest brings the need for employees to constantly be on the lookout for favorable working posts as a laborer can never be certain about his/her current appointment to remain in the longer run.

A useful tool to keep yourself updated with the situation in your whereabouts is our Labor Alerts Application. It provides you with data regarding job losses near you. Download our app here:

LaborAlerts Applications