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Reply #85: Tech recovers, but where are the jobs? [View All]

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54anickel Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Oct-19-05 02:15 PM
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85. Tech recovers, but where are the jobs?
http://money.cnn.com/2005/10/18/news/economy/challenger...

NEW YORK (CNN/Money) - A recovery may be underway in the tech industry, but the sector lags the rest of the economy when it comes to adding jobs, a new survey said Tuesday.

In the first three quarters of the year, technology companies cut 140,696 jobs, up 18.8 percent from the three-quarter total in 2004, according to a report by job placement firm Challenger, Gray & Christmas.

The pace of job cuts in the tech industry has risen nearly 20 percent in the last year, but there are signs that employers in the technology sector are slowing down their pace of job reductions, the survey said, adding that the number of cuts announced in the third quarter was down 24 percent from the same period last year.

However, the sector hasn't managed to consistently add jobs in the last year.

"The gradual slowdown in job cuts would be more encouraging if it were complemented by a rise in hiring, but job creation simply has not materialized. The industry may indeed be recovering when it comes to revenue, profits and earnings, but certainly not when it comes to employment," said John A. Challenger, CEO of the company that conducted the survey.

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