Layoffs at large companies have been happening since a combination of Covid carryover the Democrat policies started pushing inflation and tanking the economy. But the latest big one with agricultural machinery giant John Deere may be the most concerning of them all.
We covered it on today’s episode of The JD Rucker Show about why this is such a big deal. Here’s the news itself from Daily Caller…
John Deere Announces Layoffs While Moving Production Abroad
John Deere announced Friday it will lay off approximately 610 workers between three of its plants in Illinois and Iowa, Fox News reported.
The agricultural machinery giant is set to layoff hundreds of workers due to declining demand for its products, with all layoffs taking effect August 30, according to the outlet. The move reportedly affects 280 workers at the East Moline, Illinois plant, 230 at the Davenport, Iowa factory and about 100 at the Dubuque, Iowa facility.
The company is offering affected workers a Supplemental Unemployment Benefit, covering about 95% of their weekly net pay for up to 26 weeks, based on length of service, the outlet reported. In addition, they will reportedly receive profit-sharing options and health benefits. The layoff was originally announced May 31 through a company-wide email sent to employees, a Reddit user claimed.
John Deere is reportedly slashing positions for hundreds of employees in the Midwest by the end of summer. ➡️ https://t.co/kI0E07S93R pic.twitter.com/OEz3G7M7qg
— FOX 32 News (@fox32news) June 29, 2024
Despite posting a profit of $10.166 billion in 2023, John Deere cited operational costs and a downturn in market demand as reasons for the layoffs, Fox News reported.
“We can confirm Deere leadership recently communicated that rising operational costs and declining market demand requires enterprise-wide changes in how work gets done to achieve our goals and best position the company for the future,” a statement from John Deere reads, Fox News reported. […]
— Read More: dailycaller.com
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