US Jan mass layoffs edge up on weak manufacturingThe worst part is in the fact that many of those 8.4 million jobs are gone forever. To China.
Washington, Feb 23 (Reuters) - The number of mass layoffs by U.S. employers edged up in January as manufacturers stepped up job cuts, data showed on Tuesday, but probably not enough to alter views that the economy is on the brink of creating jobs.
The Labor Department said the number of mass layoff actions -- defined as job cuts involving at least 50 people from a single employer -- increased by 35 to 1,761. Mass layoffs had trended lower since August.
A total of 182,261 workers were affected last month. In January, 486 mass layoff events were reported in manufacturing, resulting in 62,556 workers filing claims for state unemployment benefits. It was the first increase in mass layoffs in manufacturing since August.
The labor market is lagging the broader economic recovery that started in the second half of 2009. Since December 2007, when the worst recession in 70 years started, the U.S. economy has shed 8.4 million jobs. [link]
Worse still, the Obama government is poised to increase taxes substantially on American business, which will drain precious capital and force additional retrenchments. And more workforce reductions.
We're in a downward spiral. And all the stimulus money in the world won't slow its acceleration.