In what is more bad news for the US economy and continues to align with our model predictions, John Deere (
DE) announced hundreds of people would lose their jobs at two plants in Eastern Iowa.
According to Iowa’s WARN website, as of Friday, 310 workers in Dubuque and Davenport have lost their jobs due to widespread layoffs across the state.
The WARN website also indicates that employees at both plants were notified of the layoffs back in June.
Specifically, 99 employees were laid off from the Dubuque plant, while 211 employees were let go from the Davenport plant. Deere has attributed the layoffs to a 20 percent drop in sales, necessitating cuts across the company. Despite these cuts, Deere exceeded earnings expectations in the third quarter, reporting a net income of $1.7 billion.
Among those affected by the layoffs was a couple ...
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