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CCH® HR MANAGEMENT - 5/13/08

Mass layoffs drop slightly in March, but highest for month since 2003

In March, employers took 1,571 mass layoff actions, seasonally adjusted, as measured by new filings for unemployment insurance benefits during the month, the Bureau of Labor Statistics reported on April 23. Each action involved at least 50 persons from a single employer; the number of workers involved totaled 157,156, on a seasonally adjusted basis. March layoff events and associated initial claimants were the highest for the month of March since 2003. The number of mass layoff events in March 2008 decreased by 101 from the prior month, while the number of associated initial claims decreased by 20,218. However, the seasonally adjusted figures for February 2008 mass layoff events and initial claims were inflated due to an unusual calendar effect.

In March, 482 mass layoff events were reported in the manufacturing sector, seasonally adjusted, resulting in 64,088 initial claims. Over the month, mass layoff activity in manufacturing decreased by 47 events, and initial claims decreased by 2,825.

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