Investing April 29, 2002

Dot.com Job Cuts Down 47%

April 29, 2002 (PLANSPONSOR.com) - Internet firms shed 824 jobs in April, significantly down from the 1,549 job cuts announced the previous months, according to data from Challenger, Gray & Christmas.
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This month’s tally is 95% lower than the same time last year when the dot.coms hemorrhaged 17,554 jobs in April 2001. This month is also the eighth consecutive month in which the job-cut total was lower than the same month the previous year.

Every month since October, with the exception of March, tech firms have made fewer job cut announcements than the previous month.

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The April figure brings announced dot.com job cuts to a year-to-date total of 4,845. Since the outplacement firm started tracking dot.com job cuts in December 1999, announced cuts have reached 147,285. 

Though the dot.com bloodletting has slowed, it has been two years since the monthly job cut announcements were below the 1,000 mark. The April 2000 figure was 327.

This month, consumer services suffered the most job cut announcements at 393, followed by the technology sector, which lost 300 jobs.

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