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Politics : Formerly About Applied Materials -- Ignore unavailable to you. Want to Upgrade?

To: StanX Long who wrote (62130)	3/14/2002 11:59:43 PM
From: StanX Long	Read Replies (1) \| Respond to of 70976

Telecom Job Cuts Up, Worst Yet To Come host.wallstreetcity.com CHICAGO, ILLINOIS, Mar 14, 2002 (Newsbytes via COMTEX) -- The number of job cuts in the battered telecommunications industry this year is 42 percent greater than during the first two months of 2001, but things are likely to get worse before they get better, an employment firm said today. The nearly 61,000 telecom jobs eliminated in January and February represent 71 percent of the 85,000 positions cut in the technology sector, said outplacement firm Challenger, Gray and Christmas. Fewer than half of the tech jobs cut in the first two months of 2001 were in the telecom industry. Job reductions at electronics firms are up 33 percent in January and February from 8,900 to 11,728 cuts during the same period in 2001, the report said. But, based on warnings by industry giants like Lucent and Nokia, the telecommunications employment picture will become even gloomier as the year progresses. "Overcapacity, a glut of competitors and a lack of capital spending by companies on new networking and telecommunications equipment are making it difficult for even the strongest companies to avoid the turmoil," firm CEO John A. Challenger said in a news release. And don't be fooled by a 94 percent drop in dot-com job cuts and a 30 percent decline in computer-sector jobs in the two-month period, he said. "Falling job cuts in these areas might give a false impression that things are on the mend," Challenger said. "However, the slowdown in cuts is probably more indicative of the fact that firms which have survived are likely operating with a bare-bones staff and cannot afford to eliminate any more jobs."