Technology-related job cuts dropped more than 50 percent from a year ago, which could signal the sector is poised for a turnaround, according to the latest report from Challenger, Gray & Christmas Inc.
There were 47,998 high-tech job cut announcements in the third quarter, which brought the total for the year to 145,997 the Chicago-based outplacement firm said. That is 56 percent fewer than the 334,650 job cuts announced in the year-ago period.
"I think the worst is over," said Challenger Chief Executive Officer John A. Challenger. "There are signs that tech growth is renewing. Hopefully that's going to mean job creation isn't far behind."
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Expectations of a major rebound could be premature. The third-quarter job cut number still exceeded the second-quarter figure by about 9,000. Most of that increase came from the telecommunications sector where job cuts soared 73 percent to 62,389, Challenger said.
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