Research >> Economics
December Mass Layoffs total 2,275 actions, 226,117 workers
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In December, employers took 2,275 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 226,117 on a seasonally adjusted basis. The number of mass layoff events in December decreased by 58 from the prior month, while the number of associated initial claims increased slightly by 478. Over the year, the number of mass layoff events increased by 806, and the number of associated initial claims increased by 80,201. In December, 871 mass layoff events were reported in the manufacturing sector, seasonally adjusted, resulting in 105,402 initial claims. Over the month, mass layoff events in manufacturing increased by 3, and initial claims increased by 4,759, the fifth consecutive over-the-month increase for both measures.
From the start of the recession in December 2007 through December 2008, the total number of mass layoff events (seasonally adjusted) was 23,485, and the number of initial claims (seasonally adjusted) was 2,394,434.
For all of 2008, on a not seasonally adjusted basis, the total numbers of mass layoff events at 21,137, and initial claims at 2,130,220, reached their highest annual levels since 2001 and 2002, respectively. Among the twenty-one major industry sectors, six registered series highs for both mass layoff events and initial claims for all of 2008--construction; transportation and warehousing; finance and insurance; real estate and rental and leasing; management of companies and enterprises; and accommodation and food services. Eleven states recorded series highs in mass layoff initial claims activity (with data available back to 1996).
The national unemployment rate was 7.2 percent in December, seasonally adjusted, up from 6.8 percent the prior month and from 4.9 percent a year earlier. In December, total nonfarm payroll employment decreased by 524,000 over the month and by 2,589,000 from a year earlier.
Posted: January 28, 2009 Wednesday 10:00 AM