On Tuesday, 3M said it would eliminate 2,500 jobs after the maker of Scotch tape and Post-it Notes reported a slowdown in sales. Hasbro on Thursday said it would eliminate 15% of its global workforce, or around 1,000 positions, this year, and chemicals company Dow said it would lay off about 2,000 employees globally. 3M shares dropped 6.2% Tuesday.
New applications for unemployment benefits fell by 6,000 last week and remained near prepandemic levels.
There was good and bad in 3M's earnings report, but the long-term investment thesis is still intact.