The Labor Department reported a rise in mass-layoff activity in February as employers struggle to cope with the nation’s worst recession since the Great Depression.
The number of mass layoffs – or layoffs of 50 people or more by a single employer – rose by 542 to a seasonally adjusted 2,769 last month. As a result, 295,477 workers lost their jobs, according to the government report.
Mass layoff activity, on an industry basis, surged to all-time highs across the board. Job cuts in the manufacturing sector accounted for 42% of all mass-layoff events and 47% of initial claims filed for the month. In February 2008, the manufacturing sector accounted for only 28% of events and 36% of initial claims, the department said.
California weighed in with the highest number of initial claims for the month, with 45,557. Illinois, Pennsylvania, and Wisconsin followed behind, according to the data.
For the first two months of 2009, 48 states and the District of Columbia reported year-over-year increases in average weekly initial claims tied to mass layoffs. The only two states to see year-over-year decreases were Louisiana and Mississippi, the report said.
Mass layoff events have totaled 28,481 since the official start of the recession in December 2007, the department said.
Cavuto: Don’t Blame the New Guy?
Autoworkers feel stuck between buyouts, possible future cuts
Health reform czar is a remarkable Tennessean
Post-Fed Blues: Banks Lead Selloff
