US Job Cuts June 2024: 200+ Companies Affected
- Mounting economic uncertainty, fueled by ongoing tariff disputes, is prompting a wave of job cuts across various sectors of the American economy.
- Several major financial institutions are among those planning workforce reductions.
- Last month, the company announced it would eliminate roughly 1,500 jobs across its e-commerce, fulfillment, and technology teams as part of a broader restructuring.
Economic headwinds and tariff disputes are driving significant US job cuts in June. Over 170 companies are poised to announce layoffs this month, with major players like Morgan Stanley, JPMorgan Chase, and Walmart already feeling the impact. This wave of job losses is largely attributed to the uncertainty surrounding tariffs, which is impacting planning and increasing operational costs, as revealed by recent reports. News Directory 3 keeps up with the latest figures. With sectors across the American economy vulnerable, the focus now is on monitoring the employment landscape and understanding if these cutbacks are a temporary adjustment or a sign of a broader downturn. Discover what’s next …
US companies Announce Job Cuts amid Tariff Uncertainty
Mounting economic uncertainty, fueled by ongoing tariff disputes, is prompting a wave of job cuts across various sectors of the American economy. More than 170 companies are projected to announce layoffs in june, according to WARNTracker.com, which compiles data from Worker Adjustment and Retraining Notification (WARN) Act notices.
Several major financial institutions are among those planning workforce reductions. Morgan Stanley is scheduled to begin eliminating positions in it’s New York offices on June 17. JPMorgan Chase has notified New Jersey authorities of plans to lay off between 100 and 250 employees, effective June 23. Wells Fargo may also reduce a small portion of its Iowa workforce this month.
Retail giant Walmart is also planning cuts. Last month, the company announced it would eliminate roughly 1,500 jobs across its e-commerce, fulfillment, and technology teams as part of a broader restructuring. WARNTracker indicates Walmart plans to cut 50 to 100 positions in California and 250 to 500 in New Jersey.
Othre major corporations, including Coca-Cola and eBay, are also reportedly planning layoffs. Microsoft recently announced it would reduce its workforce by 3%, or about 6,000 employees, to streamline management.
A recent PYMNTS Intelligence report highlights the impact of tariffs, revealing that only 6% of U.S. firms with at least $1 billion in annual revenue replaced foreign suppliers with domestic ones in mid-May,down from 9.1% in April.
The report also noted that 92% of chief financial officers from goods and retail companies surveyed in May reported increasing uncertainty and planning challenges due to tariffs, compared to 86% in April.
PYMNTS wrote that more than 7 in 10 surveyed enterprises said in May that they might reduce thier operational costs, including for payroll and hiring, up sharply from nearly 47% in April.
What’s next
The coming months will reveal whether these job cuts are a short-term reaction to tariff-related uncertainty or the start of a broader economic downturn. Monitoring of WARN Act notices and corporate earnings reports will provide further insights into the evolving employment landscape.