Ford cuts jobs as EV sales slow; Newmark leader plans to quit if confirmed to Trump Cabinet; Jobless claims edge lower

Ford plans to cut 4,000 jobs in Europe and the United Kingdom by the end of 2027, moves that would follow U.S. workforce reductions by several automakers as the industry reacts to slowing demand, particularly for electric vehicles.

Citing weaker than expected EV sales, Dearborn, Michigan-based Ford said this week 2,900 cuts were planned at company facilities in Germany, with about 800 in the U.K. and 300 in other European countries. Ford employs about 28,000 in Europe and 174,000 worldwide, according to company filings.

“The global auto industry continues to be in a period of significant disruption as it shifts to electrified mobility,” Ford said in a statement. “The transformation is particularly intense in Europe where automakers face significant competitive and economic headwinds” while also tackling a “misalignment” between government anti-pollution regulations and consumer demand for electric vehicles, the company said.

Also this week, Ford announced it would be reassigning about 400 workers at a Michigan assembly plant to other nearby facilities, in response to slowing demand for its Bronco SUV. The move comes after other U.S. job cuts and operational pullbacks this year by Ford and rival automakers, including GM and Stellantis.

The auto industry has joined others this year — including technology, media, retail and healthcare — in cutting jobs and closing facilities in response to rising costs and sluggish consumer and business demand.

Brokerage Newmark said Executive Chairman Howard Lutnick plans to step down if he is confirmed after being nominated by President-elect Donald Trump to serve as Secretary of Commerce.

A company regulatory filing said Lutnick would step down from his positions with Newmark effective upon his confirmation by the U.S. Senate.

“I am deeply honored to have been nominated by President Donald J. Trump to serve as the 41st U.S. Secretary of Commerce,” Lutnick said in a statement from New York-based Newmark. “I look forward to this new chapter in my life, working for President Trump to promote economic growth, drive innovation, and strengthen our nation’s financial security.”

Lutnick said he would also be leaving all positions within companies that are affiliated with Newmark, including investment firms Cantor and BGC Group. “I intend to divest my interests in these companies to comply with U.S. government ethics rules and do not expect any arrangement which involves selling shares on the open market,” Lutnick said.

Lutnick said he has “full confidence in the leadership” of Newmark CEO Barry Gosin and his management team to continue the company’s operations. Newmark said it anticipates no changes to its existing corporate structure and expects to disclose further details later.

There were 213,000 initial U.S. claims for unemployment insurance for the week ended Nov. 16, down 6,000 from the prior week’s revised level and continuing a trend of generally declining initial claims for the past month, according to the latest Labor Department data. The weekly tally was the lowest posted since April.

The four-week moving average for initial claims was 217,750, a decrease of 3,750 from the previous week’s revised average. Initial weekly claims have generally remained low by historical standards for the past year, ranging between 200,000 and 250,000 at a time when national unemployment remains moderate at 4.1% as of October.

“We are entering a period when seasonal factors will make the weekly data volatile, so we won’t read much into one week’s change in claims,” Nancy Vanden Houten, lead U.S. economist at Oxford Economics, said in a Thursday statement from the research firm, regarding initial claims. “Still, after being boosted by the Boeing strike and Hurricanes Helene and Milton, claims have returned to a level consistent with limited layoffs.”

The government said continued unemployment claims in all programs, tracked on a more delayed basis, totaled about 1.7 million for the week ended Nov. 2. That was up about 1,900 from the prior week and also higher than the 1.6 million figure for the comparable week of 2023.

Vanden Houten said continued claims remain elevated in the state of Washington, probably a function of the recently concluded Boeing strike, “and we should see claims in that state decline in the weeks ahead.” She said continued claims are also relatively high and may take longer to ebb in North Carolina, which was hit hard by Hurricane Helene; and Michigan and Ohio, where many autoworkers have been laid off.