Democratic Underground - Job Cuts in U.S. Tech Sector Soar (in 3rd quarter), Report Finds

Job Cuts in U.S. Tech Sector Soar (in 3rd quarter), Report Finds [View All]

UpInArms

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Mon Oct-18-04 10:54 AM
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Job Cuts in U.S. Tech Sector Soar (in 3rd quarter), Report Finds

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http://www.reuters.com/newsArticle.jhtml?type=domesticNews&storyID=6530638

NEW YORK (Reuters) - The U.S. technology sector suffered another round of widespread layoffs during the third quarter, with computer firms slashing jobs most aggressively, a report said on Monday.

"High-tech job cuts are on the way up as the end of the year approaches," said John A. Challenger, chief executive officer of Challenger, Gray & Christmas. "Behind this trend is the fact that technology companies have virtually no pricing power,"

Job cuts in technology jumped 60 percent between July and September to 54,701, compared with 34,213 layoffs in the second quarter. Computer companies alone saw job cuts jump 127 percent, to 30,624.

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Job Cuts in U.S. Tech Sector Soar (in 3rd quarter), Report Finds [View All]