As the housing slump continues, employers in financial services and construction are laying off parts of their workforce to combat bad business. The auto industry isn't faring any better. In fact, according to the Bureau of Labor Statistics (BLS), manufacturers accounted for almost half of all workers involved in mass layoffs in September, with transportation equipment manufacturing (e.g., motor vehicle components and parts) leading that pack (not seasonally adjusted).
BLS also reports that, for the first nine months of 2007, mass layoffs involving 50 or more workers at a single establishment numbered 11,114 (seasonally adjusted); for the same time period last year, there were 10,221.
Most employers experiencing mass layoffs are required to comply with the federal Worker Adjustment and Retraining Notification Act, more commonly known as WARN. In short, employers must provide employees with 60 days' advance notic...(register to read more)