John Deere Announces Layoffs Amid Economic Pressures

John Deere has announced another round of layoffs, affecting nearly 300 employees in Iowa and Illinois, due to a decline in demand for agricultural equipment amidst a weakening farm economy. The layoffs, which will take effect on January 3, 2025, include about 200 workers at the Harvester Works in East Moline, Illinois, and 80 in Davenport, Iowa. Deere has stated that these layoffs are unrelated to the company's decision to move some production to Mexico, attributing them instead to reduced demand resulting from falling crop prices and high borrowing costs. The company has faced criticism and backlash, with some employees attributing the decision to corporate greed. This move follows a year of significant workforce reductions, with nearly 2,600 workers laid off due to a downturn in the agricultural sector. The layoffs also coincide with a broader economic pressure on the agriculture industry, with crop prices and housing starts significantly down compared to previous years.