Tech sector job losses surging

CHICAGO, Jan. 29 (UPI) -- The U.S. technology job sector lost 186,955 jobs in 2008, the highest level in five years, a consulting firm said Thursday.

Challenger, Gray & Christmas said 72.7 percent of the job losses in the technology sector -- including computer, telecommunications and electronics industry jobs -- were lost from July through December. "And, if January is any indication," the report said, technology job losses "can be expected to remain heavy well into 2009," the report said.

In January, Sprint/Nextel, Microsoft Corp., Motorola, IBM, Intel and Advanced Micro Devices have each culled a significant number of jobs.

In 2007, electronics firms cut 38,716 jobs. In 2008, they cut 73,447, an 89.7 percent increase. Telecommunications firms cut 28,206 in 2007 and 48,648 in 2008. Computer company job cuts jumped 61 percent from 2007.

"The economy's continued slide here and overseas saw consumer and corporate demand for technology products and services drop rapidly, and these firms were suddenly under pressure to make significant cost-cutting moves," Chief Executive Officer John Challenger said in a news release.