February's 1,672 Mass Layoffs Highest Since Post-Katrina

According to the Bureau of Labor Statistics, employers took 1,672 mass layoff actions, seasonally adjusted, in February. Layoff events and associated initial claimants for the month were the highest since September 2005 (which reflected the impact of Hurricane Katrina) and were the highest for the month of February since 2003. The number of mass layoff events in February 2008 increased by 234 from the prior month, while the number of associated initial claims increased by 33,263.

For the month, 529 mass layoff events were reported in the manufacturing sector, seasonally adjusted, resulting in 66,913 initial claims. Over the month, mass layoff activity in manufacturing increased by 102 events, and initial claims increased by 11,425. The manufacturing sector accounted for 28 percent of all mass layoff events and 36 percent of all related initial claims filed in February; a year earlier, manufacturing made up 29 percent of events and 42 percent of initial claims. In February 2008, the number of manufacturing claimants was highest in transportation equipment manufacturing (12,189, largely in automobile manufacturing), followed by wood product manufacturing (5,576), and electrical equipment and appliance manufacturing (5,327).

Administrative and waste services accounted for 16 percent of mass layoff events and 15 percent of initial claims in February, primarily from temporary help services. Construction comprised 15 percent of events and 11 percent of initial claims, primarily from highway, street, and bridge construction. Retail trade made up 10 percent of all mass layoff events and associated initial claims, mainly from discount department stores. Among the four census regions, the highest number of initial claims in February due to mass layoffs was in the West, 42,178. The national unemployment rate was 4.8 percent, seasonally adjusted, essentially unchanged from January's 4.9 percent, and up from 4.5 percent a year earlier. Total nonfarm payroll employment decreased by 63,000 in February from the previous month, but increased by 860,000 from a year earlier.

Download Center

HTML - No Current Item Deck
  • Safety Management Software - Free Demo

    IndustrySafe Safety Software’s comprehensive suite of modules help organizations to record and manage incidents, inspections, hazards, behavior based safety observations, and much more. Improve safety with an easy to use tool for tracking, notifying and reporting on key safety data.

  • Create Flexible Safety Dashboards

    IndustrySafe’s Dashboard Module allows organizations allows you to easily create and view safety KPIs to help you make informed business decisions. Our best of breed default indicators can also save you valuable time and effort in monitoring safety metrics.

  • Schedule and Record Observations

    IndustrySafe's Observations module allows managers, supervisors, and employees to conduct observations on employees involved in safety critical behavior. IndustrySafe’s pre-built BBS checklists may be used as is, or can be customized to better suit the needs of your organization.

  • Why Is Near Miss Reporting Important?

    A near miss is an accident that's waiting to happen. Learn how to investigate these close calls and prevent more serious incidents from occurring in the future.

  • Get the Ultimate Guide to Safety Training

    When it comes to safety training, no matter the industry, there are always questions regarding requirements and certifications. We’ve put together a guide on key safety training topics, requirements for certifications, and answers to common FAQs.

  • Industry Safe
comments powered by Disqus

OH&S Digital Edition

  • OHS Magazine Digital Edition - June 2019

    June 2019

    Featuring:

    • ASSP SAFETY 2019 PREVIEW
      New Orleans Networking
    • NATION SAFETY MONTH
      Heed These Summer Safety Tips
    • TRAINING
      Education, Skill Development, and Behavior Change
    • SAFETY MANAGEMENT
      What Good Looks Like
    View This Issue

Bulwark Quiz