John Deere announces further job cuts, including in Ankeny, as ag economy struggles

John Deere will lay off 141 employees at its Waterloo and Ankeny plants due to a decline in agricultural equipment demand. The layoffs, effective Oct. 17 for Waterloo and Oct. 31 for Ankeny, add to the approximately 2,200 job cuts in Iowa since April 2024. The company reported a struggling farm economy has led to decreased net income and sales, as noted during its last earnings call.

Deere plans to invest nearly $20 billion over the next decade to upgrade manufacturing facilities to remain competitive. Affected employees will receive various support benefits, including supplemental unemployment and job-placement assistance. The U. S. Department of Agriculture's latest forecast indicates a projected increase of 4.

7% in overall cash receipts for farmers in 2025, primarily driven by livestock sales. However, crop receipts are expected to drop by 2. 5% compared to last year. Higher tariffs have also impacted Deere, with related costs already reaching $300 million this year.