Posted on

Yikes: New Jersey Companies Announce Over 13,300 Layoffs in 2024

gov phil murphy nj generic 041518 1523813414516 5330616 ver1.0 640 3601

the staff of the Ridgewood blog

Ridgewood NJ, nearly 100 New Jersey companies announced a combined total of more than 13,300 layoffs in 2024, reflecting New Jersey’s continued reputation as an unfriendly place for business and tightening job counts in white-collar sectors such as pharmaceuticals, banking, and finance.

What Are WARN Notices and Why They Matter

The layoffs were reported through New Jersey’s Worker Adjustment and Retraining Notification (WARN) notices. These mandates require employers to provide a 90-day notice when planning mass layoffs. However, not all layoffs resulted in permanent job loss.

For instance, while the Metropolitan YMCA in Wayne filed a WARN notice for 157 employees, many were rehired. Similarly, Big Lots initially announced layoffs for 385 workers but later secured a deal to keep 400 stores open.

New Jersey’s Unemployment Rate

As of 2024, New Jersey has the 10th-highest unemployment rate in the U.S. at 4.6%, according to the federal Bureau of Labor Statistics.

Experts Weigh In: A ‘Correction’ in the Job Market

Economist James Hughes of Rutgers University attributes many layoffs to adjustments following the hiring boom of 2022 and 2023 during the Great Resignation.

“The Great Resignation has yielded to the Great Stay,” Hughes explained. “This suggests the job market is undergoing a correction.”

A December 2024 survey revealed that 55% of employers struggled to find staff, a notable drop from 73% in 2021 during the height of the Great Resignation.

Office Space Shrinkage and Workforce Impacts

New Jersey’s suburban office market has seen significant downsizing, a trend accelerated by the pandemic. Companies are opting for smaller office spaces, reducing their workforce needs.

  • Unilever: Transitioning from a 325,000-square-foot headquarters in Englewood Cliffs to a smaller office in Hoboken.
  • Sanofi: Moving from Bridgewater to a reduced footprint at the M Station in Morristown.

Major Layoffs in New Jersey Companies

Here’s a breakdown of notable layoffs reported in 2024:

  • Unilever: 149 employees cut at its Englewood Cliffs location.
  • Spirit Airlines: 68 layoffs at Newark Liberty International Airport.
  • Prudential: 56 employees terminated in Newark.
  • CarePoint Health: 2,600 layoffs across its troubled hospital chain.
  • Samsung Electronics: 125 layoffs in Ridgefield Park.
  • Family Dollar: 94 layoffs amid national store closures.
  • Bayer: 70 employees cut at its Whippany headquarters.
  • Barclays: 70 employees laid off in Whippany.

Why Companies Cut Jobs

Layoffs often stem from cost-cutting measures. According to job site Indeed, companies may eliminate positions to reallocate funds, outsource operations, or downsize during relocations or mergers.

Looking Ahead

While layoffs have surged in certain industries, the New Jersey job market is adapting to new economic realities. As businesses continue to reshape their operations and office footprints, residents can expect shifts in employment trends across the state.

 

Take the Wall Street Walking Tour https://www.facebook.com/unofficialwallstreet #WallStreetTours,#FinancialDistrictExploration, #ExploreWallStreet, #FinancialHistoryTour, #StockMarketExperience, #FinancialDistrictDiscovery, #NYCFinanceTour,#WallStreetAdventure

6 thoughts on “Yikes: New Jersey Companies Announce Over 13,300 Layoffs in 2024

  1. Nobody in their right mind would start a business in NJ if the possibility existed of doing so in a business friendly state.
    NJ has more BS laws and rules, thanks to the morons in Trenton, mostly representatives from S-hole cities that don’t understand basic math and can’t balance their credit cards.
    We have lost many major corporations due to this and the state cannot survive when the majority of residents carry EBT cards.
    NJ has become a very transient ‘temporary’ state. Those with $$ who CONTRIBUTE stay here for their kids education (in some good districts) then bail out to tax friendly places when they graduate.
    Fortunately for homeowners in Ridgewood theres always a couple with a child ready to buy here when they flee NYC

    3
    1
    1. thumbs down must be EBT card holder (MOOCH).. why are you on this blog you should be on the Paterson blog.. just axing for a friend

      4
      1
  2. With all the red tape and high taxes why would you open a business in NJ ?

  3. Murphy and the democrats are assholes! what will it take for the voters to cast their ballots with intelligence? Keep on smoking pot!

  4. Murphy and the democrats need to go. They have done enough damage.

  5. Keep voting blue, this is what you get!!!
    Great job those that voted for another term with this clown!!! 👏

Leave a Reply

Your email address will not be published. Required fields are marked *