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Omaha Steve Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Oct-03-08 01:45 PM
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Labor report indicates squeeze on tech sector

Oct 3, 2:00 PM (ET)


NEW YORK (AP) - The economic slowdown has started to squeeze the technology sector. So far this has not led to wide-scale job cuts, but a slowing demand for computers and other electronics may already be weighing on some payrolls.

Computer and electronics manufacturers did not grow their work forces at all in September, according to data released Friday by the Labor Department. In comparison, such companies added 5,100 jobs in August.

Telecommunications companies, meanwhile, cut 3,400 jobs in September.

Overall, U.S. employers slashed their payrolls by 159,000 in September, the most in more than five years. Many of these jobs were in manufacturing, construction, retail and financial services.

Until recently, the tech sector was considered a relatively safe haven in the turbulent economy, though by no means was it immune. But now even investor favorites like Google Inc. (GOOG) are seeing sharp declines in their stock price. The company's shares tumbled 24 percent during the third quarter.

And shares of tech bellwether IBM Corp. are down nearly 8 percent since the beginning of the week, though the company, along with Hewlett-Packard Co., had widely been considered among the safest bets amid the slowdown.

FULL story at link.

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RUMMYisFROSTED Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Oct-03-08 01:48 PM
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1. America has the best tech in the world!
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