To all,

I can attest to that!

Chuck Ciesinski, formerly employed HP3000 Senior Engineer..
----- Original Message -----
From: "Michael Baier" <[log in to unmask]>
To: <[log in to unmask]>
Sent: Monday, October 18, 2004 3:29 PM
Subject: [HP3000-L] OT: Job Cuts in Tech Sector Soar, Report Finds


> Job Cuts in Tech Sector Soar, Report Finds
>
> Mon Oct 18,10:47 AM ET   U.S. National - Reuters
>
> NEW YORK (Reuters) - The U.S. technology sector suffered another round of
> widespread layoffs during the third quarter, with computer firms slashing
> jobs most aggressively, a report said on Monday.
>
> "High-tech job cuts are on the way up as the end of the year approaches,"
> said John A. Challenger, chief executive officer of Challenger, Gray &
> Christmas. "Behind this trend is the fact that technology companies have
> virtually no pricing power,"
>
> Job cuts in technology jumped 60 percent between July and September to
> 54,701, compared with 34,213 layoffs in the second quarter. Computer
> companies alone saw job cuts jump 127 percent, to 30,624.
>
> Manufacturers in the sector are having trouble making money since they
have
> been forced to lower prices in order to attract consumers, Challenger
said.
> So they end up firing workers in order to maintain healthy profit margins.
>
> Worse yet, the growing number of layoffs is not being countered by any
move
> to hire, Challenger added.
>
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