Shaila’s Weblog

Mass Layoffs Still on the Rise

Posted on: April 24, 2009

Large-scale U.S. layoffs rose again in March & early April 09, according to Labor Department data on Thursday, as the economy struggles with what many expect will be the country’s worst post-World War II recession. With the number of people filing for unemployment in March surpassing that from the prior month, and the total number of people doing so the highest on record.

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About 640,000 people filed for unemployment for the first time in March, up from about 613,000 in February. Meanwhile, some 6.14 million people are on the jobless benefits rolls, setting a record for the 12th straight week.

ast month witnessed 2,933 more mass layoffs, defined as affecting 50 or more workers, than February. This brought the total number of people who lost their jobs in this manner to 299,388, the highest on a record that dates back to 1995.

The U.S. job market has been under severe strain as a crisis first evident in housing spread to the rest of the economy, severely curtailing corporate profits and consumer spending.

Ongoing pain was evident across sectors, with the Labor Department also reporting another record for blanket layoffs within manufacturing.

Mass layoffs now total 31,414 since the start of the recession in December 2007, resulting in the loss of more than 3.2 million jobs. The monthly mass layoff numbers are compiled from establishments with at least 50 initial claims for unemployment insurance filed against them during a five-week period.

Over the past year, the deterioration in initial claims, continuing claims, and the insured jobless rate has been just as bad as they were during the 1981-1982 recession, which has been the most severe in the post-World War II period,” said Steven Wood, chief economist at Insight Economics.

The United States has lost 5.1 million jobs since the start of 2008. Earlier this month, the Labor Department reported that the nation’s unemployment rate is 8.5 percent, the highest in a quarter-century.

For those in Jobs

layff

Over the past year, though, the new term is ‘downsizing’ — shrinking the employee base so that employee costs match slower business growth. This fiscal, as the recession in the markets start biting, their tolerance for non-performers is down to zero.So those in jobs are not having any margin of doing any honest mistake.


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