HP Announcement Pushes Tech Cuts To Highest Level In 3 Years

HEWLETT-PACKARD LAYOFFS WILL PUSH TECH-SECTOR JOB CUTS TO THREE-YEAR HIGH

The looming job-cut announcement by computer maker Hewlett-Packard, which is expected to impact 25,000 to 35,000 workers, would push tech-sector job cuts to its highest level in three years, according to tracking by global outplacement firm. Challenger, Gray & Christmas, Inc.  An HP layoff of 35,000 would bring year-to-date tech-sector job cuts to nearly 50,500.  That exceeds the yearend tech-sector job-cut totals from 2011 (37,038) and 2010 (46,825).  In 2009, technology firms announced 174,629 job cuts, which was the highest annual total since 2005.

 

Telecom

Computer

Electronics

TOTAL

January-April 2012

7,421

4,845

3,163

15,429

January-April 2011

4,752

2,301

2,272

9,325

 8.4% of all job cuts in 2012 (183,653)

Source: Challenger, Gray & Christmas, Inc.

ANNUAL TECH-SECTOR JOB CUTS, 1997-2011

Total

% of All Cuts

1997

             62,642

7.34%

1998

           173,565

25.60%

1999

             99,902

14.79%

2000

           103,266

16.80%

2001

           695,581

36.00%

2002

           468,161

32.00%

2003

           228,325

18.50%

2004

           176,113

17.00%

2005

           174,744

16.30%

2006

           131,181

16.00%

2007

           107,295

14.00%

2008

           155,570

12.70%

2009

           174,629

13.60%

2010

             46,825

8.80%

2011

             37,038

6.11%

Source: Challenger, Gray & Christmas, Inc.Ó

 

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