Extended Mass Layoffs In The Fourth Quarter Of 2003 — 2004-02-12

In the fourth quarter of 2003, 1,956 mass layoff actions were taken by employers that resulted in the separation of 359,085 workers from their jobs for at least 31 days, according to preliminary figures released by the U.S. Department of Labor's Bureau of Labor Statistics. Both the total number of layoff events and the number of separations were sharply lower than in October-December 2002 and were the lowest for a fourth quarter since 1999. (See table A.) The decline over the year was most notable in general merchandise stores, computer and electronic product manufacturing, and machinery manufacturing. In the fourth quarter of 2003 the national unemployment rate was 5.5 percent, not seasonally adjusted; a year earlier it was 5.6 percent. Nonfarm payroll employment, not seasonally adjusted, declined by 0.2 percent, or 211,000 jobs, between October-December 2002 and October-December 2003.