Tech Layoffs Jump 75% in 2008Go To Original
According to a recent report, layoffs in the US technology sector rose 74.2% in 2008 as compared with the previous year. The industry was battered by an unrelenting wave of layoffs.
186,955 jobs in the telecommunications, computer, and electronics sectors were slashed in 2008 according to the report by outplacement consulting firm Challenger, Gray & Christmas.
The rate of increase in the layoffs is frightening as the bulk of the job cuts in 2008 (Nearly 75%), cam in the last six months of the year. The total unemployed techies are at a level not seen since 2003. In the Silicon Valley, for just the month of December, the unemployment rate rose to 7.7 percent.
AT&T, for example, announced 12,000 job cuts last year, while Sun Microsystems unveiled plans to cut 6,000 positions, and Xerox 3,000 jobs.
Jobs cuts for 2009 are exptected to be even worse.