Companies said they would shed 4,130 NJ jobs in second quarter

Pharmaceutical and financial giants. An office retailer. A grocery store. A commuter bus company.

New Jersey saw its share of layoffs in the second quarter — April, May and June — as the unemployment rate in the state holds steady and hiring shows continued signs of slowing down .

All told, the New Jersey labor market announced in the second quarter that it would shed 4,130 jobs, according to public filings with the state Labor Department.

You can check the exact layoffs on our database , which is browsable by topic, location and keyword.

White collar sectors from finance to health care and pharmaceuticals have let go of thousands of employees in New Jersey this year.

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One big factor has been interest rates, which the Federal Reserve raised 11 times since the COVID-19 pandemic in a bid to tame a 40-year-high inflation rate .

That pushed mortgage rates higher for homebuyers, meaning fewer people obtained mortgages, prompting Wall Street to respond with layoffs, said a report by CNBC .

With higher interest rates, businesses have been less able to borrow for their expansion efforts such as hiring, said Vincent Vicari, regional director of the Bergen County Small Business Development Center.

Which companies had layoffs

In May, pharmaceutical company Bristol Myers Squibb announced 776 job cuts at its Lawrenceville campus.

Walmart is cutting 279 jobs in Hoboken as it pushes its corporate employees back to the office.

Office retailer Staples is eliminating up to 124 positions , but the actual number of people losing their jobs will be “much lower,” said spokesperson Dina Mortada.

Prudential Financial is cutting 146 jobs in Newark and Acme is cutting 61 jobs in Chatham.

JP Morgan Chase is eliminating 91 positions in Jersey City and Citibank is cutting 187 jobs across North Jersey. Print services firm RR Donnelly & Sons is cutting 201 jobs in West Caldwell.

Why do businesses cut jobs?

According to Indeed.com ., one of the most common reasons for a layoff is to cut costs.

“A way that the company could save money is by eliminating some positions and allocating those funds elsewhere,” reads the February 2024 post by the job-searching website.

In the same vein, a business might opt to outsource some of its operations, Indeed said, meaning those roles within the company are terminated.

In other cases, a company may be relocating, so employees unable to move will be laid off. Or two companies may be merging.

What to do if you're laid off in NJ

As soon as you’re notified you’ll be laid off, there are questions you should make a priority to ask your employer, according to the Harvard Business Review .

They include:

• When you’ll receive your last paycheck and if you’ll get paid for unused vacation time
• Whether you’ll receive severance pay
• How long you have to exercise your company stock options
• How long company health coverage will last
• If the employer will still provide you a reference
• How and when you can get copies of your performance reviews
• What happens to your 401(k) retirement plan

The financial publication NerdWallet states that once laid off, you should file for unemployment “as soon as possible.”

And you should contact any banks or lenders, including your credit card or mortgage company, and see if they could waive or reduce your fees, or extend the payment due dates, NerdWallet said.

If need be, NerdWallet suggests you should tap into local community resources, like the U.S Department of Agricultures emergency food assistance programs , or 211.org , which connects to other local social services.

How to get health care when unemployed

Health care options need to be researched. Job loss counts as a “qualifying life event,” meaning you can change health insurers outside of the open enrollment period.

You can stay on your parents' plan if you’re under 26, stay on your spouse’s employer health plan, or acquire insurance through the federal insurance marketplace .

Or you could continue on your now-former employer’s health plan through COBRA.

Daniel Munoz covers business, consumer affairs, labor and the economy for NorthJersey.com and The Record.

Email: munozd@northjersey.com ; Twitter: @danielmunoz100 and Facebook

This article originally appeared on NorthJersey.com: Companies said they would shed 4,130 NJ jobs in second quarter