News

Layoffs

Yumanity Therapeutics To Cut 60% of Staff, Explore Strategic Options

Edward Kim | Equities.com |

The ailing biotech has engaged HC Wainwright to explore a possible sale or merger.


US Jobless Claims Edge Higher to 744,000

AP News | Equities.com |

The number of Americans applying for unemployment benefits rose last week to 744,000, signaling that many employers are still cutting jobs even as more people are vaccinated against COVID-19, consumers gain confidence and the government distributes aid throughout the economy.

The Labor Department said Thursday that applications increased by 16,000 from 728,000 a week earlier. Jobless claims have declined sharply since the virus slammed into the economy in March of last year. But they remain stubbornly high by historical standards: Before the pandemic erupted, weekly applications typically remained below 220,000 a week.


US Weekly Jobless Claims Rise to 719,000

AP News | Equities.com |

The number of Americans applying for unemployment benefits rose by 61,000 last week to 719,000, signaling that many employers are still cutting jobs even as more businesses reopen, vaccines are increasingly administered and federal aid spreads through the economy.

The Labor Department said Thursday that the number of claims increased from 658,000 the week before. Though the pace of applications has dropped sharply since early this year, they remain high by historical standards: Before the pandemic flattened the economy a year ago, jobless claims typically ran below 220,000 a week.


Nokia To Cut 10% of Workforce Over Next Two Years; Will Invest in 5G, Other Future Capabilities

Kimberly Redmond | Equities.com |

Nokia Corporation (NYSE: NOK) plans to cut 10% of its workforce over the next two years to free up money to invest in its 5G networks business.

On Tuesday, the Finnish telecommunications company said it will eliminate between 5,000 and 10,000 jobs over the next 18 to 24 months.


Jobless Claims Climb to 861,000 as Labor Market Stalls

AP News | Equities.com |

The number of Americans applying for unemployment aid rose last week to 861,000, evidence that layoffs remain painfully high despite a steady drop in the number of confirmed viral infections.

Applications from laid-off workers rose 13,000 from the previous week, which was revised sharply higher, the Labor Department said Thursday. Before the virus erupted in the United States last March, weekly applications for unemployment benefits had never topped 700,000, even during the Great Recession of 2008-2009.


Jobless Claims Dip Slightly to 793,000 as Layoffs Remain Elevated

AP News | Equities.com |

The number of Americans seeking unemployment benefits fell slightly last week to 793,000, evidence that job cuts remain high despite a substantial decline in new confirmed viral infections.

Last week’s total declined from 812,000 the previous week, the Labor Department said Thursday. That figure was revised higher from the previously reported 779,000. The numbers point to a still-elevated number of layoffs. Before the virus erupted in the United States in March, weekly applications for jobless aid had never topped 700,000, even during the Great Recession.


Best Buy To Lay Off Undisclosed Number of Store Employees; Cites Customer Shift to Online Shopping

Reuters | Equities.com |

Best Buy Co Inc has notified employees that it would cut some jobs at its stores, the Wall Street Journal reported here on Wednesday, as the COVID-19 pandemic forces retailers to become more dependent than ever on online shopping.

A Best Buy spokesman said the company does not comment on specific personnel matters, but added that its workforce would need to evolve to meet evolving needs of customers.


Disney California Adventure Park To Have 'Limited' Reopening in March

Kimberly Redmond | Equities.com |

After being closed for nearly a year due to the COVID-19 pandemic, The Walt Disney Co (NYSE: DIS) will be bringing back 1,000 employees in mid-March for a “limited-time ticketed experience” at Disneyland California Adventure Park.

The event commemorating the 20th anniversary of California Adventure was announced Monday in a letter to employees from Disneyland Resort president Ken Potrock, as reported by ABC, one of Disney's flagship media properties.

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Unemployment Claims Decline Slightly to 779,000; Job Cuts Continue at Historic Pace

AP News | Equities.com |

The number of Americans seeking unemployment benefits declined to 779,000 last week, a still-historically high total that shows that a sizable number of people keep losing jobs to the viral pandemic.

Last week’s total dropped from 812,000 the previous week, the Labor Department said Thursday, and is the lowest in two months. Still, before the virus erupted in the United States in March, weekly applications for jobless aid had never topped 700,000, even during the Great Recession.


New Jobless Claims Remain Historically Elevated at 900,000

AP News | Equities.com |

The number of Americans seeking unemployment benefits fell slightly last week to 900,000, still a historically high level that points to ongoing job cuts in a raging pandemic.

The Labor Department’s report Thursday underscored that President Joe Biden has inherited an economy that faltered this winter as virus cases spiked, cold weather restricted dining and federal rescue aid expired. The government said 5.1 million Americans are continuing to receive state jobless benefits, down from 5.2 million in the previous week. That suggests that while some of the unemployed are finding jobs, others are likely using up their state benefits and transitioning to separate extended-benefit programs.


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