Mass layoffs at the highest level since 9/11 attacks | G.O.O.D

Mountain House Freeze-Dried Food « ‘Virtual strip search’ sparks privacy fears Deep recession fears slam Wall Street » Oct 22 2008 Mass layoffs at the highest level since 9/11 attacks Posted by: Joshuah in Economics, tags: layoffs money.cnn.com The number of layoff announcements involving at least 50 workers rose in September to the highest level since the Sept. 11 terrorist attacks seven years ago, the government said Wednesday. There were 2,269 mass layoff actions, up 497 from August, according to statistics released by the Labor Department. That was the most mass layoffs since the 2,407 in September 2001. “At large firms, basically what I see is an across-the-board, shotgun approach,” said Paul Sarvadi, chairman and CEO of human resources outsourcing firm Administaff in Houston. “If they anticipate revenues going down, then they see how much they need to cut to reach operating targets, and equate that cost to a number of people.” Overall, the number of initial claims for unemployment benefits related to mass layoffs rose by 61,726 to 235,681. That was the highest level since September 2005, after Hurricane Katrina devastated the Gulf Coast, resulting in 297,544 claims. This entry was posted on Wednesday, October 22nd, 2008 at 3:36 pm and is filed under Economics. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site. Leave a Reply You must be logged in to post a comment. Login »
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Creative Commons Attribution 3.0 United States

Creative Commons Attribution 3.0 United States