U.S. mass layoffs rise to highest on record

Reuters on Yahoo ^ | 4/23/09 | Pedro Nicolaci da Costa

[NormsRevenge]

NEW YORK (Reuters) – Large-scale U.S. layoffs rose again in March, according to Labor Department data on Thursday, as the economy struggles with what many expect will be the country's worst post-World War II recession.

Last month witnessed 2,933 more mass layoffs, defined as affecting 50 or more workers, than February. This brought the total number of people who lost their jobs in this manner to 299,388, the highest on a record that dates back to 1995.

The U.S. job market has been under severe strain as a crisis first evident in housing spread to the rest of the economy, severely curtailing corporate profits and consumer spending.

Ongoing pain was evident across sectors, with the Labor Department also reporting another record for blanket layoffs within manufacturing.

[NormsRevenge]

Bang up job, Dems, real bang-up job!

CONGre$$ dem-controlled since 2006 election

WH now dem-controlled since 2008 election

Who had and has Oversight?

What next on your extended tour to destroy America?

[Obadiah]

All is well! Obama’s job approval numbers are up and the country is ecstatic about the direction our country is headed!

[tc45a]

10-12 years of mass transfer of manufacturing and technological sectors to Mexico, China and India under both the republicans and democrats.

[econjack]

Last month witnessed 2,933 more mass layoffs, defined as affecting 50 or more workers, than February.

Holy Smoke!!!!! Those mass layoffs represent about .002 percent of the labor force if they all have 50 workers thrown out! OMG...The Sky is Falling!!!

[Oldpuppymax]

I don’t get it. Hussein is in the White House and trillions of “bailout” dollars have been wisely invested in our nations future. (HAHAHA!) How could anything possibly be wrong with the economy??!! Must be some “tea party” attendee working to undermine the free enterprise system by publishing depressing articles.

[DonaldC]

“10-12 years of mass transfer of manufacturing and technological sectors to Mexico, China and India under both the republicans and democrats.”

That may not be the only problem to bring us to this point, but that is surely a chicken now coming home to roost.

[yadent]

With the nations debt-to-GDP ratio approaching historic levels and no solution in sight other than a forced cram- down, things are going to get worse. The math and history say so. Won't matter who is in charge. IMHO

[Dick Bachert]

[ILikeBourbon]

Well, our company just laid off our entire office (62 North American people, but a part of a large worldwide company), and me with it.

So count us into that miniscule .002%. Or, .0021%

[Salvation]

Some stimulus!

Some recovery!

<sarcasm off!

[econjack]

I'm not saying that the situation isn't bad. What I am saying is that sensationalizing it causes people to retrench for fear of losing their job at the very moment when they need to be out spending. Milton Friedman's concept of Realized Expectations is very real. If enough people think things are going to be bad, they will be bad as businesses limit product expansion and new hires. If the MSM just reported the news without the sensationalism, my guess things would be noticeably better right now.

[dearolddad]

All is well! Obama’s job approval numbers are up and the country is ecstatic about the direction our country is headed!

Not to worry! Obummer is in the process of saving/creating 5 million good paying jobs.

[pallis]

My prediction is that unemployment will reach 15 percent by the end of 2009, just about the time inflation and interest rates start sky rocketing.

[MeneMeneTekelUpharsin]

More gloom and doom.

[goodnesswins]

YEP...I'm with you.....15% by year end (you read MY post sometime ago??? jk)

My husband could be among those laid off by then....75% of his office just got the boot...they will be reflected in June....

[TSgt]

My prediction is that unemployment will reach 15 percent by the end of 2009, just about the time inflation and interest rates start sky rocketing.

While I hope you are wrong I am refinancing and buckling down. My wife and I can easily live on one income.

[pallis]

I too hope I am wrong, but I don’t see anything happening to turn things around. We are fortunate to be debt free and able to scrape by on next to nothing, if we have to. I hope everything works out for your family.

[george76]

Bureau of Labor Statistics numbers for U-6 seasonally adjusted unemployment with an official number for February ‘09 at 14.8%, calculations based on rate of change over the last 6 months project 18.2% national unemployment summer ‘09, and 34.3% summer ‘10.

http://www.abovetopsecret.com/forum/thread443647/pg1

[nyconse]

Quite true...the trade/globalization chickens have come home to roost...no job is safe.

[nyconse]

We are approaching depression era unemployment with no industries left to stimulate.