The Trial Balance is CFO’s weekly preview of stories, stats and events to help you prepare.
Part 1 — Are end-of-year layoffs starting to ramp up?
As October’s underwhelming jobs report resulted in payroll growth of just 12,000 employees — much less than anticipated and just a fraction of the 223,000 jobs added in September — end-of-year layoffs may grow across all areas of the economy, particularly in manufacturing, media, technology, consulting and the federal government. The next job’s report from the Bureau of Labor Statistics, many of which often need to be revised, is scheduled to be released on Dec. 6.
Here are some recent layoff numbers at the halfway point of November worth noting.
Boeing: Although the machinists’ strike has commenced, the company is still following through with its plan to lay off 10% of its workforce — totaling 17,000 employees and including more than 400 union members of the Society of Professional Engineering Employees in Aerospace (SPEEA). The company is in a slow process of catching up on production of the Boeing 737 MAX, the controversial aircraft many have said was plagued by production oversight and cost-cutting measures, leading to multiple issues, including two catastrophic disasters in 2018 and 2019 and worldwide groundings in 2019 and 2024.
AMD (Advanced Micro Devices): As the chipmaker struggles to keep up with product demand, competition and investor expectations simultaneously, as evident in its Q3 results, it has laid off nearly 4% of its workforce, totaling 26,000 employees.
Marriott: The hotel chain will lay off 833 employees as part of an organizational restructuring of its corporate and regional offices, according to a Work Adjustment and Retraining Notification submitted on Nov.14, in Maryland. According to the notice, the layoffs will take effect on Jan. 3. The company also said several hundred job openings will be created amid the layoffs, and affected employees are expected to apply for the roles to remain with the company.
General Motors: The automaker announced layoffs of approximately 1,000 employees. Reasons for layoffs were poor performance, while others were part of a review to reorganize priorities, according to an anonymous source who spoke to CNBC. About 53,000 people work for GM in the U.S.
Stellantis: Automaker Stellantis, the producer of U.S. auto brands like Jeep, Dodge, Chrysler and RAM, plans to lay off 1,100 employees at the company’s Toledo, Ohio, Jeep plant. Jeep models have seen their quality scores take significant hits lately. One particular model is the Wrangler — once one of the most coveted and reliable American-made cars. It has seen its quality drop and price rise significantly since the Stellantis brand was created in 2021.
23andMe: The DNA testing website has cut nearly 40% of its workforce, totaling 200 employees. It has eliminated its therapeutic programs, had its entire board resign in October and settled a $30 million lawsuit after a breach of personal information exposed the personal data of nearly seven million of its users.
CNN: Though no notable positions have been eliminated yet, CNN is reportedly planning to lay off “hundreds of jobs,” according to multiple reports, after the outlet experienced a major ratings decline during its 2024 U.S. presidential election coverage. This has reportedly developed into a major culture problem at the network in recent weeks.
Part 2 — This Week
Here’s a list of important market events slated for the week ahead.
Monday, Nov. 18
Tuesday, Nov. 19
- Housing starts, Oct.
- Building permits, Oct.
Wednesday, Nov. 20
- MBA mortgage applications, Nov. 15
Thursday, Nov. 21
- Initial jobless claims, week of Nov. 16
- Philadelphia Fed manufacturing survey
Friday, Nov. 22
- S&P flash U.S. services PMI, Nov.
- S&P flash U.S. manufacturing PMI, Nov.
- Consumer sentiment — final, Nov.
Part 3 — Investing guidance for AI, a tech health check and the MIT Sloan CFO Summit
This week, CFO.com will publish stories on keeping leaders protected with D&O insurance (11/19), a story on CFO AI investment decisions (11/19), how to run an end-of-year technology health check (11/21) and a takeaway piece on the MIT Sloan CFO Summit taking place this week in Newton, Massachusetts (11/22).
