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Telecom Sector Not Rebounding Along With Economy - Study
Posted: 03-Apr-2002 [Source: Newsbytes]

[Although the telecom sector in the US lost more jobs in 2001 than any other industry, some good news has arrived as telecom layoffs have fallen for the second consecutive month.]

by Michael Bartlett, Chicago -- "Unlike other areas of the U.S. economy, the telecommunications sector continues to drag. More telecom jobs were cut in March than in any other sector except retail, according to figures released today by the outplacement firm Challenger, Gray & Christmas.

"The Challenger firm, which tracks monthly layoffs by Internet companies, as well as job cuts in the overall economy, said the telecom sector lost 21,831 jobs last month, trailing only retail's 22,760.

"The telecom sector axed more jobs in 2001 than any other industry - 317,777 - according to figures the firm released in January. In 2002, telecom again leads this dubious "race" with 85,522 layoffs in three months.

"Last year's telecom job cuts figure was the highest one-year total by any industry since the company began tracking layoff statistics in 1993. In 2000, the sector suffered only 34,903 layoffs.

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