Layoffs in US dot.coms fell to 670 in February, down 62% from
the previous month and significantly below the April 2001 peak of
17,554, according to a report released yesterday by Illinois-based
outplacement firm Challenger Gray & Christmas.06 Mar 2002
The number of job cuts in the dot.com market is the lowest in 22 months. However, the firm said that the number of job cuts in all sectors is still too high to indicate a turnaround in the employment market.
CEO John Challenger said in a statement: “Even though February job cuts showed a significant decline, there is no reason to think the job market is rebounding.” Of the dot.com sector, Challenger said; “Its ranks have been decimated and right now there is no indication that we are going to see a major rebound in hiring.”
Job cuts in the telecoms sector are continuing to grow.