'Mass layoffs' hit new high, but pace slows

'Mass layoffs' hit new high, but pace slows

The U.S. recorded 2,933 mass layoffs in March, up 6% from February and the largest number since the government began keeping records in 1995, the Labor Department said today.

The report is another sign that employers have continued to slash jobs even amid other signs that the recession may be bottoming.

Still, there was some relative good news in the report: Although the number of jobs cut via mass layoffs was a record 299,388 last month (seasonally adjusted), that was a modest 1.3% increase from February.

By contrast, the February total of 295,477 was up 24% from January.

A "mass layoff" is the loss of at least 50 jobs at any individual employer. The government collects the data by tracking claims for unemployment benefits filed against employers.

Mass layoffs began to rise sharply in August, a month before the financial-system meltdown kicked into high gear. But the number of mass layoffs had held steady, at around 2,300 a month, from September through January â€" before soaring to 2,769 in February.

California, the largest state by population, recorded the biggest number of mass layoffs in March, at 498. That was down from 515 in February and 651 in January, but the data aren’t seasonally adjusted.

Pennsylvania ranked second last month, with 140 mass layoffs, followed by Texas (112) and Illinois and Wisconsin (tied at 109 each).

--  Tom Petruno

Recovery not in sight

PHILADELPHIA/LONDONHIGHER-THAN-EXPECTED US unemployment claims and mixed news on banks on Thursday suggested the global recession was far from over despite a survey that found euro zone businesses cautiously optimistic about next year.

On the eve of a G7 finance ministers meeting in Washington, Wall Street stocks ended slightly higher while European stock indices vacillated, held back by anxiety about the overall health of the banking sector and poor results from Swiss engineering group ABB.
Marriott International loses $23 million in its first quarter
But adjusted results for Md.-based company surpass analysts' estimates With demand for its hotel rooms and timeshare resorts still deeply depressed, Marriott International Inc. reported a first-quarter loss Thursday, but aggressive cost-cutting boosted its results above Wall Street's expectations.