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Two major Raleigh businesses are laying off approximately 200 employees, reflecting a concerning national trend of rising unemployment claims.
Wells Fargo has announced 112 layoffs at one of its Raleigh business units, while restaurant chain Bahama Breeze will cut 75 positions at its North Hills location, according to local reports.
These local job cuts come as the United States experiences an uptick in applications for unemployment benefits nationwide.
Gerald Cohen, Chief Economist at UNC's Kenan Institute, says it's too early to determine if these layoffs signal broader economic troubles.
"It's hard to know whether these layoff announcements are an indication of something, of things getting worse in the economy, or just kind of general trends that relate specifically to these businesses," Cohen said.
Interestingly, North Carolina appears to be bucking national trends. December data shows job openings increasing across the state while jobless claims have decreased, according to Kenan Institute research.
"The data is kind of mixed for the country versus the state," Cohen noted. "If you start to see a lot of layoffs, at the same time you start to see fewer job openings, that's really worrying."
For job seekers in this competitive market, standing out has become increasingly difficult. Mir Garvy, owner of Job Market Solutions, warns that simply submitting applications isn't enough anymore.
"If you're relying on applications alone in this market, it's so easy to become invisible," she explained.
Garvy recommends using targeted keywords on resumes to bypass AI screening software that many companies now use to filter applicants. She also emphasizes the importance of quantifiable achievements.
"You still need to tell stories, have quantifiable metrics, measurable outcomes, results, and numbers on your resume," Garvy advised.
Traditional networking remains one of the most effective strategies for job seekers trying to make an impression in today's challenging job market, according to employment experts.