Mass Layoffs In February 2006 — 2006-03-22

In February 2006, employers took 1,073 mass layoff actions, seasonally adjusted, as measured by new filings for unemployment insurance benefits during the month, the Bureau of Labor Statistics of the U.S. Department of Labor reported today. Each action involved at least 50 persons from a single establishment, and the number of workers involved totaled 111,468, on a seasonally adjusted basis. (See table 1.) The number of layoff events fell by 40 from January 2006, and was the lowest for any month since October 2000. The number of initial claims due to mass layoff actions increased by 3,090 over the month. In the manufacturing sector, 321 mass layoff events were reported during February 2006, seasonally adjusted, resulting in 45,073 initial claims. Both figures were higher than a month earlier. (See table 1.) In February 2006, the national unemployment rate was 4.8 percent, seasonally adjusted, compared with 4.7 percent in January 2006 and 5.4 percent in February 2005.