Mass layoffs hit 16-month low in November

By IBTimes Staff Reporter | December 22 2009 3:56 PM

The number of mass layoffs actions by U.S. employers fell in November to the their lowest level in 16 months, government data showed on Tuesday, offering more evidence of labor market stability.

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The Labor Department said the number of mass layoff actions -- defined as job cuts involving at least 50 people from a single employer -- dropped by 330 to 1,797 from October, the lowest since July 2008. A total of 165,346 workers affected, also the fewest number since July 2008.

However, year-to-date mass layoff events hit a program high of 27,669, the department said. The labor market is increasingly showing signs of stabilizing after a bloodbath early this year.

Employers last month cut the fewest jobs since the start of the recession in December 2007, helping to push down the unemployment rate 10 percent from 10.2 percent in October.

Since December 2007, a total of 51,154 mass layoffs have been reported, the department said.

(Reporting by Lucia Mutikani; Editing by xxx)

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