According to a new report from Challenger, Gray & Christmas, the tech sector has announced 140,000 layoffs as of Oct. 31 of this year. They predict the industry might cut 180,000 jobs by year’s end. John Challenger suggests that Cisco, Nokia, and Qualcomm might all announce layoffs this year.
That would make 2008 the worst year since 2003, when the industry cut 228,300 jobs. Yet it’s much better than at the depths of the dot-com implosion. In 2001, the tech industry lost almost 700,000 jobs. Compare that to 107,000 layoff announcements in 2007, or 175,000 in 2005.