Mass Layoff Events Pick Up Once Again

BLS data confirms that the unemployment pictures is getting worse with 29 states reporting an increase in state joblessness levels. The states with the highest levels on unemployment levels were the usual suspects: Michigan (15.1%), Nevada (13%), Rhode Island (12.9%), California (12.5%), South Carolina (12.1%) and D.C. (11.9%). The numbers continued to deteriorate in California (2.5% increase in unemployment), D.C. (4.4%), New York (1.1%), with some of the worst monthly performance noted in the traditionally better states: Wyoming (8.8%), Arkansas (7%), Mississippi (6.5%) and Alaska (6%).

Additionally, mass layoff event data released by the BLS indicated that non-seasonally adjusted initial claims and mass layoff claims reached yet another upward inflection point. After tapering off in the mid 120k's in August and September, the initial claims number once again surged to 193,904 in October, with a comparable trends in mass layoff events, which hit 1,934 last month, compared to 1,371 in September.