U.S. mass layoffs edge down in September on manufacturing

WASHINGTON, Oct 22 (BestGrowthStock) – The number of mass layoffs
by U.S. employers fell for a third straight month in September
as the manufacturing sector laid off fewer workers, a
government report showed on Friday.

The Labor Department said the number of mass layoff actions
— defined as job cuts involving at least 50 people from a
single employer — decreased by 60 to 1,486, the lowest level
since May. A total of 133,379 workers were affected.

Last month, 345 mass layoff events were reported in
manufacturing, down 58 from August. The actions resulted in
34,168 workers filing claims for state unemployment benefits.

Private sector mass layoffs fell by 70 to 1,289 in
September, affecting 115,598 workers.

The labor market is struggling to gain traction as economic
growth remains subdued. While private payrolls have grown every
month since January, the pace of job creation has been too
anemic to make any impact on a 9.6 percent unemployment rate.

The Federal Reserve has singled out high unemployment as
one area of concern and officials at the U.S. central Bank have
signaled their readiness to ease monetary policy again at the
Nov. 2-3 meeting, to drive borrowing costs down further and
stimulate spending.

The Fed cut overnight interest rate to near zero in
December 2008 and has already bought about $1.7 trillion
Treasury and mortgage-related debt.
(Reporting by Lucia Mutikani; Editing by Andrew Hay)

U.S. mass layoffs edge down in September on manufacturing