Research >> Economics
October Mass Layoffs total 2,127 actions, 217,182 workers
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Employers took 2,127 mass layoff actions in October that resulted in the separation of 217,182 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 October decreased by 434 from the prior month, and the number of associated initial claims decreased by 30,824. Over the year, the number of mass layoff events decreased by 77, and associated initial claims decreased by 13,148. Year-to-date mass layoff events (25,872) and initial claims (2,627,390) both recorded program highs. (Data begin in April 1995.) In October, 619 mass layoff events were reported in the manufacturing sector, seasonally adjusted, resulting in 70,572 initial claims. Over the month, the number of manufacturing events decreased by 237, and associated initial claims decreased by 26,494.
During the 23 months from December 2007 through October 2009, the total number of mass layoff events (seasonally adjusted) was 49,357, and the number of initial claims filed (seasonally adjusted) in those events was 5,021,824. (December 2007 was the start of a recession as designated by the National Bureau of Economic Research.)
The national unemployment rate was 10.2 percent in October 2009, seasonally adjusted, up from 9.8 percent the prior month and from 6.6 percent a year earlier. In October, total nonfarm payroll employment decreased by 190,000 over the month and by 5,504,000 from a year earlier.
Posted: November 20, 2009 Friday 10:00 AM