06:44 AM EDT, 08/16/2024 (MT Newswires) -- Deere & Company ( DE ) has reduced its hourly workforce by approximately 15% since November as the farm equipment manufacturer deals with a slowing farm economy, The Wall Street Journal reported Thursday.

The company aggressively cut payrolls, even sacrificing "loyal employees for short-term cost reductions", some Deere employees told WSJ.

These recent layoffs mark a departure from the company's previous approach of relying on voluntary resignations, according to WSJ.

Deere did not immediately respond to MT Newswires' request for comment.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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