Job Cuts Grow

Job cuts in the Internet sector continued to grow in October, and outplacement firm Challenger, Gray & Christmas said the pace of layoffs would increase as the year came to an end. In October, 5,677 jobs were cut in the “dot-com” sector, up 18% from September, the firm said. Since December, 22,267 job cuts have been announced and about 16% of the 274 dot-com companies Challenger looks at have gone out of business. Services, such as consulting, financial services and information, have suffered the most cuts since December, with 8,113 jobs lost. Retail was second with 5,450 cuts.