Last year was an incredibly strong one for the stock market and the U.S. economy. Stock indexes ended the year with gains that quadrupled their historic annual averages, while the U.S. unemployment rate hit a nearly 50-year low of 3.5% in October. We have to go all the way back to December 1969 to find a time where the U.S. job market looked this strong, as a whole.
Yet even this impressive of a performance hasn’t been able to save workers at select companies from losing their jobs in the U.S. and around the world.
As we turn the page toward a new decade, let’s look back at 25 companies that laid off workers in 2019.
The only pedal put to the metal in the auto industry in 2019 was in the pink-slip department, with Detroit’s Ford Motor (NYSE:F) leading the way. In May, Ford shifted gears by announcing 7,000 job cuts, or about 10% of its salaried worldwide staff at the time. The move, designed to save $600 million annually, is part of the company’s longer-term plan to restructure its business to modernize its fleet and boost its overseas sales.
Then, just five weeks after declaring its intention to shed 7,000 salaried workers, Ford wielded its ax once more by announcing the expected departure of 12,000 workers in Europe by the end of 2020. This’ll include the sale or closing of six of Ford’s 24 European plants and reduced production/work shifts at plants in Germany and Spain.