Using Advance Layoff Notices As A Labor Market Indicator
from the Cleveland Fed
– this post authored by Kurt G. Lunsford, Pawel Krolikowski, and Meifeng Yang
On March 8, 2019, after operating for over 50 years, the General Motors (GM) plant in Lordstown, Ohio, shut down. Three months earlier, Lordstown’s employees and Ohio state officials had learned of the impending layoff through an advance notice stating that GM expected to lay off about 1,600 workers in March. GM filed this notice in accordance with the Worker Adjustment and Retraining Notification (WARN) Act. The aim of the act is to provide workers with sufficient time to begin new job searches and to trigger services from local rapid response teams, including outplacement services, retraining opportunities, and information about unemployment insurance.[ 1]
Source: http://econintersect.com/pages/contributors/contributor.php?post=202001050600
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