Paper Economy - A US Real Estate Bubble Blog: Massive Unemployment: Mass Layoffs September 2009

Thursday, October 22, 2009

Massive Unemployment: Mass Layoffs September 2009

Today, the Bureau of Labor Statistics (BLS) released thier 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 un-adjusted 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.

Labels: mass layoffs, unemployment

3 Comments:

Its funny to watch SATT comments over time change when the data shows trends he doesnt want to see. In the June 23 post as a peak develops. Clearly in shock, SATT says:

"Notice from the data below that the typical May decline in mass layoffs did NOT occur and, in fact, look to be surging… This is likely giving us an early indication that the July spike will be worse than normal."

No chance it could be a peak right? Such things never enter the mind of the permadoomer.

SATT stays in denial til the end of summer when desperation sets in and he says:

"For the remainder of the year it will be interesting to see if this series continues to tease out peak or, in the event that H2 disappoints, if mass layoffs begin to tick up again as firms go through a second round of downsizing."

Thats it SATT - fight that tape! You are right and it is wrong. Anything but a peak right?

Now, 2 months later, the fight just goes out of him. In a whimper, he just states the facts and moves on. A peak was missed and sadly, the 2nd spike didnt materialize - sniff...

Expect to see more of this as his permapredictions continue to fail one by one and are relegated to the dustbin of permabear history.

By Anonymous, at 12:35 PM
Hi. The fact is that the worse of the financial crisis is not behind us as some people believe, so the probability that the unemployment rate will go up is quite high. It also seems that the government helps huge corporations such as the banks and insurance companies, but not the people. So, I'm not very optimistic, I think that we are still very far from the recovery.
Take care,
Lorne

By disability insurance Canada, at 8:41 PM
"Expect to see more of this as his permapredictions continue to fail one by one and are relegated to the dustbin of permabear history."

Why are you reading his blog if you don't think his analyses are useful?

By Anonymous, at 3:53 PM