Despite optimism by US Farmers, major agribusinesses like Cargill and Tyson Foods have announced substantial layoffs and plant closures due to declining profits.
Cargill plans to cut 5% of its global workforce, amounting to approximately 8,000 jobs, following a 36% revenue decline this year.
Similarly, Tyson Foods will shut down multiple plants, including one in Kansas, impacting over 800 employees. These trends echo broader economic challenges in agriculture, with Iowa alone losing 11,400 jobs across 23 businesses and $1.5 billion in economic activity.
While farmer sentiment improves, the layoffs highlight a contrasting reality in the agricultural sector.
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