Massive Unemployment: Mass Layoffs Continue to Mount

by: Sold At The Top

Today, the Bureau of Labor Statistics (BLS) released their latest installment of the Mass Layoff Report showing continued weakness in nation’s job market with 2561 mass layoff events resulting in 248,006 initial unemployment claimants on a seasonally adjusted basis.

On a seasonally unadjusted basis, the mass layoff events totaled 1371 with 123,177 initial claimants.

The BLS considers a mass layoff event to be a condition where there are at least fifty initial claims for unemployment insurance originating from a single employer over a period of five consecutive weeks.