BL Statistics -- Mass Layoffs Highest Since Hurricane Katrina

[CornField]

Numbers released just this morning:
http://www.iowaindependent.com/showDiary.do?diaryId=2128

Mass layoffs -- employment terminations that involve at least 50 people from a single employer -- were up nationally in February, and rose to their highest level since September 2005. In Iowa, however, mass layoffs only increased slightly from the same month a year ago.

In February, employers took 1,672 mass layoff actions, seasonally adjusted, as measured by new filings for unemployment insurance benefits during the month, according to reports from the U.S. Department of Labor's Bureau of Labor Statistics. The total number of workers involved was 177,374 (seasonally adjusted). February layoff events and associated initial claimants were the highest since September 2005 (which reflected the impact of Hurricane Katrina) and were the highest for the month of February since 2003.

The number of mass layoff events for the month increased by 234 from the prior month, while the number of associated initial claims increased by 33,263. In February, 529 mass layoff events were reported in the manufacturing sector, resulting in 66,913 initial claims. Over the month, mass layoff activity in manufacturing increased by 102 events, and initial claims increased by 11,425.

...

California recorded the highest number of initial claims filed due to mass layoff events in February (32,747), followed by Pennsylvania (8,204), Florida (6,572), Illinois (6,344), and New York (5,912). These five states accounted for 56 percent of all mass layoff events and 50 percent of all initial claims for unemployment insurance in February.

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[Peace Teacher]

1. Recession is here.