Layoffs under Bush administration among highest in U.S. history
by Madeleine Baran
August 2, 2004
Aug 2 - During the first three years of the Bush administration, the layoff rate reached 8.7 percent for workers over 20 years old, one of the highest rates on record, according to the New York Times .
The survey also recorded the highest layoff rate ever for long-tenured workers -- those who held their job for more than three years. Employers laid off 5.3 million, or 6.3 percent of all long-tenured workers between 2001 and 2003.
In the past, layoffs peaked during recessions and declined during economic booms; but a new survey by the Bureau of Labor Statistics shows that the layoff rate is increasing regardless of the state of the rest of the US economy.
"No one should be surprised by the increasing frequency of layoffs," James Glassman, senior US economist for the investment firm J. P. Morgan Chase, told the New York Times . "It is the echo of globalization. Companies are shifting production around more frequently to take advantage of low-cost centers.