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Economy in Brief
U.S. Consumer Credit Outstanding Declines in January
Consumers reduced credit balances further in January...
U.S. Trade Deficit Widens to $68.2 Billion in January
The U.S. trade deficit in goods and services widened to $68.2 billion in January...
German Order Growth Gets Back in Gear Despite the Headwinds
German order growth is back in gear with total orders rising by 1.4% m/m in January...
U.S. Factory Orders & Shipments Rise Again in January
Manufacturing activity is strengthening. Factory orders rose 2.6% (2.8% y/y) in January...
U.S. Initial Unemployment Insurance Claims Rise Just 9,000
Initial claims for unemployment insurance rose modestly by 9,000 to 745,000 in the week ended February 27...
Viewpoints
Commentaries are the opinions of the author and do not reflect the views of Haver Analytics.
by Tom Moeller July 28, 2005
The Bureau of Labor Statistics reported that the number of mass layoff events dropped 1.8% in June for the second consecutive month. The decline lowered the average number of events so far this year 7.4% versus last year's first six months.
While the number of firms reporting mass layoffs in June fell to 1,175, these layoffs generated 127,887 (-9.5% y/y) initial claims for unemployment insurance.
During the last ten years there has been a (negative) 78% correlation between the number of mass layoff events and the y/y change in non-farm payrolls.
The Mass Layoff Statistics (MLS) program collects reports on mass layoff actions that result in workers being separated from their jobs. Monthly mass layoff numbers are from establishments which have at least 50 initial claims for unemployment insurance (UI) filed against them during a 5-week period. Extended mass layoff numbers (issued quarterly) are from a subset of such establishments--where private sector non-farm employers indicate that 50 or more workers were separated from their jobs for at least 31 days.
Mass Layoffs | June | May | Y/Y | 2004 | 2003 | 2002 |
---|---|---|---|---|---|---|
Number of Events: All Industries | 1,175 | 1,196 | -14.5% | 15,900 | 19,155 | 20,474 |
Numbers of Persons Filing Initial Unemployment Insurance Claim: All Industries | 127,887 | 128,771 | -9.5% | 1,588,493 | 1,936,463 | 2,256,014 |