October data from the US Department of Labor’s Bureau of Labor Statistics (BLS) showed 1,497 mass layoffs involving 171,088 workers; up from 1,062 layoffs involving 124,521 workers in September.
This year’s number showed improvement compared to last October, when the effects of the September 11 attacks, contributed to 1,831 mass layoffs involving 215,483 workers. Notable declines were seen in transportation equipment manufacturing (-24,780), professional and technical services (-5,522) and air transportation (-52,366).
Layoff actions must involve at least 50 people from a single employer to qualify.
The total number of events (15,649) and initial claims (1,740,828) were lower in January through October 2002 than January-October 2001 (16,306 and 1,950,013, respectively).
« Lazard Brings On Global Fixed-Income Head