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Mass layoffs fall sharply in April

Mass layoff actions by U.S. employers fell sharply in April, according to government data on Friday that indicated the pace of the labor market deterioration was abating.
/ Source: Reuters

Mass layoff actions by U.S. employers fell sharply in April, according to government data on Friday that indicated the pace of the labor market deterioration was abating.

The Labor Department said the number of mass layoff actions -- defined as job cuts involving at least 50 people from a single employer -- fell by 221 from the prior month to 2,712 on a seasonally adjusted basis.

With April's tally, the total number of mass layoff announcements since the start of the recession in December 2007 totaled 34,126.

Employers cut 539,000 jobs in April, the fewest since October. The monthly mass layoff numbers are compiled from establishments with at least 50 initial claims for unemployment insurance filed against them during a five-week period.