Dot-com layoffs hit record in November

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The Internet industry saw a record number of job cuts in November, surpassing the 5,677 job cuts seen in October by 55%, according to a report released Nov. 27 by recruiter Challenger, Gray & Christmas. Since last December, when the company began tracking dot-com job cuts, about 31,056 jobs have been cut in the sector. A total of 8,789 jobs were cut in November, the company said. The layoffs have come from 383 companies, of which 20% have closed. Services such as consulting, financial and information suffered the most cuts since December, and accounted for 40%, or 12,551, of the total layoffs in the sector. Retail was second with 7,863 layoffs. The company said the trend is for more layoffs in December and January 2001.

Copyright November 2000, Crain Communications Inc.

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