Manufacturing Job Losses Drop to Nov 2007 Level

While mass layoffs resulted in the loss of 155,000 jobs last month, the number of layoffs continued a year-long decline to the point where job losses specifically in the manufacturing sector reached their lowest level since the summer of 2007.

Employers took 1,570 mass layoff actions in February that resulted in the separation of 155,718 workers, seasonally adjusted, as measured by new filings for unemployment insurance benefits during the month, the U.S. Bureau of Labor Statistics reported today.

Each action involved at least 50 persons from a single employer, said the BLS press release. The number of mass layoff events in February fell by 191 from the prior month, and the number of associated initial claims decreased by 26,543. Both events and initial claims have decreased in 5 out of the last 6 months.

In February, 376 mass layoff events were reported in the manufacturing sector, seasonally adjusted, resulting in 43,100 initial claims. Both figures declined over the month to their lowest levels since August 2007

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