"State data shows the more than 6,000 employees laid off in the first five months of the year surpassed those affected in the same period of 2015, 2016, 2017, and all of 2014."
A Record High Number of MN Workers Have Been Affected by Mass Layoffs So Far in 2018
In the first five months of 2018 alone, more than 6,000 local workers have been affected by mass layoffs, according to records from the state’s Department of Employment and Economic Development—the most of any year since record-keeping on mass layoffs began in 2014.
By law, businesses are required to inform the state whenever there are plans to let go of 50 or more employees. Businesses laying off less than 50 employees, however, do not need to report their plans as it does not qualify as a mass layoff.
This number of people impacted by mass layoffs in 2018 so far marks a significant uptick from previous years, as pointed out by the Federal Reserve Bank of Minneapolis.
Roughly as many employees have been a part of mass layoffs in the first five months of 2018 as there were in all of 2014.
This year’s mass layoff number of more than 6,000 workers also has 2015, 2016, and 2017 beat. The last two years, in particular, amount to about half of what has been experienced in 2018 so far.
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