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Strategies & Market Trends : Stock Attack II - A Complete Analysis -- Ignore unavailable to you. Want to Upgrade?

To: Justa Werkenstiff who wrote (16394)	8/22/2001 5:18:13 PM
From: stockman_scott	Respond to of 52237

U.S. layoffs skyrocket 44% in Q2 • August 22, 2001 (Reuters) — The number of U.S. workers laid off from their jobs jumped nearly 44 percent in the second quarter of 2001 compared with the same period last year, the Labor Department said Wednesday. Nearly 372,000 workers lost their jobs in mass layoff actions in April, May and June this year, up nearly 31,000 from the previous quarter and up more than 113,000 from the second quarter of 2000, the government said in its quarterly report. The number of laid off workers was the largest for the second quarter since 1998, when strikes at two General Motors parts plants prompted the major auto maker to shut down 27 of its 29 North American assembly plants, at one point idling more than 200,000 workers. For the first half of 2001, the number of laid off workers totaled more than 712,000, up nearly 40 percent from the first half of 2000, the government said. More than a third of the layoffs in the second quarter of 2001 were in the hard-hit manufacturing sector, which has been in a recession for a year and has been hemorrhaging workers as it bears the brunt of the sharp U.S. economic slowdown. Within the manufacturing sector, layoffs were prevalent in the electronic, industrial machinery, food and apparel industries, the government said. Another 20 percent of layoffs were in the service sector. The government's report includes layoffs that last at least 31 days and involve at least 50 people from a single firm. Other details from the survey include the following: • A quarter of layoffs were attributed to ``internal company restructuring'' such as ``bankruptcy, business ownership change, financial difficulty and reorganization.'' That was the highest percentage for a second quarter since the government started tracking mass layoffs in 1995; • Less than half of employers experiencing layoffs in the second quarter said they expected to hire workers back, the smallest percentage since records began in 1995; • The Northeast had the fewest number of laid off workers while the West had the most of the four regions; and • California, Illinois and Florida accounted for more than one-third of all layoffs in the United States in the second quarter. Copyright 2001 Reuters Limited.