Research >> Economics
February Mass Layoffs total 1,570 actions, 155,718 workers
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Employers took 1,570 mass layoff actions in February that resulted in the separation of 155,718 workers, seasonally adjusted, as measured by new filings for unemployment insurance benefits during the month, the U.S. Bureau of Labor Statistics reported today. Each action involved at least 50 persons from a single employer. The number of mass layoff events in February fell by 191 from the prior month, and the number of associated initial claims decreased by 26,543. Both events and initial claims have decreased in 5 out of the last 6 months. In February, 376 mass layoff events were reported in the manufacturing sector, seasonally adjusted, resulting in 43,100 initial claims. Both figures declined over the month to their lowest levels since August 2007.
During the 27 months from December 2007 through February 2010, the total number of mass layoff events (seasonally adjusted) was 55,309, and the associated number of initial claims was 5,580,819. (December 2007 was the start of a recession as designated by the National Bureau of Economic Research.)
The national unemployment rate was 9.7 percent in February 2010, seasonally adjusted, unchanged from the prior month but up from 8.2 percent a year earlier. In February, nonfarm payroll employment decreased by 36,000 over the month and by 3,297,000 from a year earlier.
Posted: March 23, 2010 Tuesday 10:00 AM