January 29, 2009, 2:52 pm
Tech Job Cuts Jump 74% In ‘08; This Year Could Be Worse
Posted by Eric Savitz
The tech industry cut 186,955 jobs in 2008, according to outplacement firm Challenger, Gray & Christmas, up 74.2% from the 107,295 job losses in the sector in 2007. That’s the highest total since 2003, when the industry suffered 228,325 layoffs.
The reductions accelerated in the second half, with 50,989 cuts in the first six months of the year, and 135,966 jobs lost int the second six months. Challenger Gray notes that layoffs at electronics firms rose 89.7% last year, while jobs increased 72.5% at telecom companies and 61.3% at computer firms.
Challenger Grey said the total could be even higher in 2009, “as there is no evidence yet that the economy has hit the bottom of this downward potion of the cycle.” But the firm does not think the total will reach the 2001 record level of 695,581 job losses. Let’s hope. |
