John Deere layoffs: More than 300 Iowa workers will lose jobs
What factors are affecting U.S. net farm income in 2024?
The U.S. net farm income in 2024 is affected by several factors, including declining prices for crops like soybeans and corn, lower direct government payments, and increased production costs. The USDA forecasts a 25.5% decrease in net farm income from the previous year, amounting to $116.1 billion. These challenges contribute to reduced demand for farm equipment, leading to layoffs in the manufacturing sector, such as the job cuts at John Deere's factories in Iowa and Illinois.
How many workers is John Deere laying off in total?
John Deere is laying off nearly 600 workers as the farm equipment manufacturer deals with declining demand. The production positions being cut are concentrated at two factories in Iowa and one at its home base in Moline, Illinois4. This comes after the company reported a more than 15% decline in revenue in its second-quarter earnings release in May.
What are the locations affected by the John Deere layoffs?
The John Deere layoffs affect several locations, including the John Deere Waterloo Works in Waterloo, Iowa, where 192 workers are set to be laid off on June 21. Additionally, the John Deere Des Moines Works in Ankeny, Iowa, is set to lose 16 workers on June 6, while 58 workers at the John Deere Intelligent Solutions in Urbandale, Iowa, will be laid off on the same date46. Furthermore, 49 workers from the Waterloo works will also be laid off on June 6.