U.S. employment picture tightens

WASHINGTON, Oct. 23 (UPI) -- Mass layoffs jumped in the United States in September to their highest level in seven years, the U.S. Labor Department said.

The number of mass layoffs, tracking job cut announcements of 50 positions or more, were higher than any month since the 2001 terrorist attacks, The New York Times reported. The number of those filing new claims for unemployment benefits in the past four weeks is also the highest it has been since late 2001, the Times said.

A number of third-quarter corporate reports have been accompanied with announcements of layoffs. Yahoo! said it intends to trim 1,500 positions, 10 percent of its workforce. Pharmaceutical giant Merck is planning 7,200 cuts. National City bank will layoff 4,000, the Times said.

Finding a job is also increasingly difficult, the Labor Department said. Job openings dropped by 214,000 in August compared with July. Job openings have shrunk by 74,000 per month in the past 12 months, the Times said.