We got the May job cut numbers from Challenger, Gray & Christmas, and the welcome trend of lowering job cuts continues overall. Unfortunately, the tech sector bucked the trend, more than doubling announced layoffs compared to April.
Compared to April, the announced job cuts in the high tech in May were up about 106%, or more than double. What really drove the increase was the computer sector, where job cuts rocked up nine-fold. There were a number of companies that found themselves announcing additional job cuts last month, including Applied Materials (300) and Dell (260), but some of the big hits came from HP (6,400) and Medtronic (1,800). We're not counting the 3,000 laid off at Microsoft because the company had already announced them.
If anything, the jump shows that high tech is still running scared and reacting to poor earnings, so looking for a rebound in the near future seems unrealistic. More to the point, many companies seem to be leaving the door open to additional layoffs.
Executioner image via stock.xchng user sateda, standard site license.