US tech sector job cuts hit five-year high

[OhioChick]

Source: Economic Times India

30 Jan 2009, 0335 hrs IST, AGENCIES

WASHINGTON: Nearly 187,000 workers in the US technology sector lost their jobs last year, the highest number in five years, consulting firm Challenger, Gray & Christmas said on Thursday.

Challenger said telecommunications, computer and electronics firms slashed 186,955 jobs in 2008, 74.2 percent more than the 107,295 jobs lost in 2007 and the most since the 228,325 tech job cuts of 2003.

It said the pace of job cuts in the sector more than doubled in the second half of the year as the economy deteriorated.

"The pace of job cutting by tech-sector firms spiked 167 percent in the second half of 2008 and, if January is any indication, can be expected to remain heavy well into 2009," the firm said.

Challenger said the final tally is not yet in for January, but noted that there had already been significant job-cut announcements from Sprint/Nextel, Microsoft, Motorola, IBM, Intel, Advanced Micro Devices and other companies.


Read more: http://economictimes.indiatimes.com/International_Business/US_tech_sector_job_cuts_hit_5-yr_high/articleshow/4049909.cms

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We have to close those loopholes and tax the hell out of corporations that outsource. (As promised)

[ChromeFoundry]

1. K&R

[ihavenobias]

2. "...if January is any indication, can be expected to remain heavy well into 2009,"

:(

[Azlady]

3. So where are they at with closing the loopholes & taxing the hell out of these companies

for outsourcing????

[IDemo]

4. K&R

[Azlady]

5. Kick & Recommend

[antigop]

6. Here are his campaign promises

http://www.barackobama.com/issues/economy/#trade
>>
# End Tax Breaks for Companies that Send Jobs Overseas: Barack Obama and Joe Biden believe that companies should not get billions of dollars in tax deductions for moving their operations overseas. Obama and Biden will also fight to ensure that public contracts are awarded to companies that are committed to American workers.
# Reward Companies that Support American Workers: Barack Obama introduced the Patriot Employer Act of 2007 with Senators Richard Durbin (D-IL) and Sherrod Brown (D-OH) to reward companies that create good jobs with good benefits for American workers. The legislation would provide a tax credit to companies that maintain or increase the number of full-time workers in America relative to those outside the US; maintain their corporate headquarters in America if it has ever been in America; pay decent wages; prepare workers for retirement; provide health insurance; and support employees who serve in the military.
>>

The problem is these corporations don't consider themselves American companies -- they consider themselves multinational. They don't care where the work is done.

[OhioChick]

7. You're right....

I believe it was Cisco that said several years ago that they wanted to be a Chinese company.

If the corporations consider themselves to be multinational, then "we the taxpayers" should NOT be bailing them out.