May mass layoffs jump tie record (Losing Hope 'n Change)

Reuters via Yahoo! News ^ | June 23, 2009 | by James Dalgleish

[Oldeconomybuyer]

WASHINGTON (Reuters) – The number of mass layoffs by U.S. employers rose last month to tie a record set in March, according to government data released on Tuesday that suggested the labor market has yet to stabilize.

The Labor Department said the number of mass layoff actions -- defined as job cuts involving at least 50 people from a single employer -- increased to 2,933 in May from 2,712 in April, resulting in the loss of 312,880 jobs.

It was the largest loss of jobs connected to mass layoffs on records dating to 1995.

The economy has lost six million jobs since the recession began in December 2007. Economists polled by Reuters expect the economy shed a further 368,000 jobs in June.

[Oldeconomybuyer]

[NMEwithin]

But...but...but...the stimulus!!

[RegulatorCountry]

Why’s the Bamster holding a peppermill up to his eye, lol?

[AngelesCrestHighway]

Mass layoffs?...who cares?...

[Just another Joe]

The economy has lost six million jobs since the recession began in December 2007.

And you ain't seen nothin' yet.

[ClearCase_guy]

The economy has lost six million jobs since the recession began in December 2007.

Hang on. Did the recession begin in 2007? I thought that the fourth quarter of 2008 was pegged as the start of the actual recession.

[libh8er]

He is just illustrating his tunnel vision.

[Oldeconomybuyer]

To Reuters, yes:

[TSgt]

This either means:

1.) The economy is turning the corner.
2.) Businesses are now down to bare bones staff and future layoffs will actually accelerate as the next step is to cease operations.

September 2008 - 284,000 jobs lost
October 2008 - 240,000 jobs lost
November 2008 - 533,000 jobs lost
December 2008 - 681,000 jobs lost
January 2009 - 598,000 jobs lost
February 2009 - 697,000 jobs lost
March 2009 - 742,000 jobs lost
April 2009 - 539,000 jobs lost
May 2009 - 345,000 jobs lost

[jiggyboy]

Did the recession begin in 2007? I thought that the fourth quarter of 2008 was pegged as the start of the actual recession.

Well there's the textbook "two quarters of negative growth" definition

But it's clear that the U.S. economy began to "recess", i.e., to retreat, by virtually every measure in late 2007:

[ClearCase_guy]

Your charts indicate a slowing of growth in 2007. No argument.
As you say in the beginning: the textbook definition of Recession requires 2 quarters of negative growth. You have to look to the time in 2008 when business leaders realized that Obama was going to be president. THAT'S when the recession started.

Textbook definitions should not be deviated from, just because some journalist wants to make a point.

[bert]

........since the recession began in December 2007.......

Lie

[randita]

These numbers represent, by and large, private sector layoffs. The number will go way up when the states start laying off employees - which they must - no other choice.

[TSgt]

Great chart here!

http://www.miseryindex.us/urbymonth.asp

[TSgt]

And don’t forget about the GM/Chrysler fallout. We haven’t seen those numbers yet!