Tech Firm Job Cuts Wane In Second Half
Planned job cuts announced by technology firms rose for the second consecutive year in 2009 and reached their highest level since 2005, according to Challenger, Gray & Christmas.
The international outplacement firm said tech firm firings saw a sharp downward trend in the second half of the year, offering hope for a 2010 turnaround.
Employers in the technology sector, which includes computer, electronics, and telecommunications firms, announced 174,629 planned job cuts in 2009. That's 12.3 percent more than the 155,570 job cuts announced in 2008. It is the largest year-end total since 2005, when tech-sector employers announced 174,744 job cuts.
The 2009 increase was due in large part to a first-quarter surge that saw 84,217 job cuts announced by tech-sector firms. The number of job cuts dropped significantly in the second quarter to 33,891.
By the third quarter, technology job cuts fell to a six-quarter low of 24,808.
Fourth-quarter job cuts jumped 28 percent to 31,713. After announcing 118,108 job cuts between January and June, job cuts in the last six months of the year totaled 56,521, a 52 percent drop.
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