Tuesday, December 23, 2008
Really bad news just in from the Bureau of Labor Statistics:
In November, employers took 2,328 mass layoff actions, seasonally adjusted, as measured by new filings for unemployment insurance benefits during the month, the Bureau of Labor Statistics of the U.S. Department of Labor reported today. Each action involved at least 50 persons from a single employer; the number of workers involved totaled 224,079 on a seasonally adjusted basis. The number of mass layoff events in November increased by 188 from the prior month, while the number of associated initial claims decreased by 8,389. Over the year, the number of mass layoff events increased by 999, and the number of associated initial claims increased by 84,408. In November, 874 mass layoff events reported in the manufacturing sector, seasonally adjusted, resulting in 98,408 initial claims. Over the month, mass layoff events in manufacturing increased by 239, and initial claims increased by 11,005, the fourth consecutive over-the-month increase for both.
From the start of the recession in December 2007 through November 2008, the total number of mass layoff events (seasonally adjusted) was 20,712, and the number of initial claims seasonally adjusted) was 2,108,743.
Hat tip: Carol Furnish.