Global| Mar 22 2011U.S. Mass Layoffs Decline
by:Tom Moeller
|in:Economy in Brief
Summary
The overall U.S. employment picture has improved as mass layoffs continue to decline. The Labor Department indicated that layoffs last month of 50 or more persons from a single firm fell 13.4% from February, 2010. Though the rate of [...]
The overall U.S. employment picture has improved as
mass layoffs continue to decline. The Labor Department indicated that
layoffs last month of 50 or more persons from a single firm fell 13.4%
from February, 2010. Though the rate of decline slowed from 30.2% last
year, the seasonally adjusted level hit its lowest since April, 2008.
Most sectors have seen a significant decline in layoffs, led by the construction and finance & insurance industries. Elsewhere, firming job markets have been accompanied by lesser declines following notable improvement last year. Exceptions include information, health care & social assistance and government where declines this year followed increases in 2010.
A mass layoff involves at least 50 initial claimants from a single establishment filing during a consecutive 5-week period. The BLS data are available in Haver's USECON database. Underlying state and area detail are available in the REGIONAL database.
| Mass Layoffs | February | January | 2010 | 2009 | 2008 |
|---|---|---|---|---|---|
| Total (SA) | 1,421 | 1,534 | 19,350 | 28,236 | 21,689 |
| Total (Y/Y) | -13.4% | -10.6% | -30.2% | 32.6% | 36.4% |
| Private Nonfarm | -15.8 | -11.6 | -33.2 | 32.2 | 38.3 |
| Construction | -37.3 | -0.9 | -20.2 | 18.4 | 22.6 |
| Manufacturing | -21.3 | -28.0 | -53.0 | 40.1 | 48.0 |
| Retail Trade | -10.9 | -6.9 | -19.9 | 34.9 | 39.0 |
| Information | 45.0 | -36.9 | -27.1 | 38.0 | 42.3 |
| Finance & Insurance | -31.3 | -34.0 | -36.5 | 22.6 | 8.2 |
| Health Care & Social Assistance | -9.7 | 21.7 | 5.0 | 16.4 | 28.9 |
| Government | -12.7 | -0.8 | 5.3 | 58.2 | 29.3 |
Tom Moeller
AuthorMore in Author Profile »Prior to joining Haver Analytics in 2000, Mr. Moeller worked as the Economist at Chancellor Capital Management from 1985 to 1999. There, he developed comprehensive economic forecasts and interpreted economic data for equity and fixed income portfolio managers. Also at Chancellor, Mr. Moeller worked as an equity analyst and was responsible for researching and rating companies in the economically sensitive automobile and housing industries for investment in Chancellor’s equity portfolio. Prior to joining Chancellor, Mr. Moeller was an Economist at Citibank from 1979 to 1984. He also analyzed pricing behavior in the metals industry for the Council on Wage and Price Stability in Washington, D.C. In 1999, Mr. Moeller received the award for most accurate forecast from the Forecasters' Club of New York. From 1990 to 1992 he was President of the New York Association for Business Economists. Mr. Moeller earned an M.B.A. in Finance from Fordham University, where he graduated in 1987. He holds a Bachelor of Arts in Economics from George Washington University.
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