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Employers initiated 1,383 mass layoff actions in February 2002, as measured by new filings for unemployment insurance benefits during the month. Each action involved at least 50 persons from a single establishment, and the number of workers involved totaled 138,984.
Compared with February 2001, the number of layoff events declined by 8 percent and the number of claimants fell by 20 percent. This was the second time in the last three months that layoff events and related initial claims declined over the year.
These data are products of the Mass Layoff Statistics program. Mass layoffs data for February 2002 are preliminary and subject to revision. For more information, see news release USDL 02-170, Mass Layoffs in February 2002.
Bureau of Labor Statistics, U.S. Department of Labor, The Economics Daily, Layoffs in February down from year ago at https://www.bls.gov/opub/ted/2002/mar/wk4/art05.htm (visited March 31, 2023).