Media job cuts adding up
Industry layoffs running 57% ahead of last yearIn a struggling economy, corporate America has announced 290,671 job cuts from January-April, up 9% from the same period last year.
Media industry layoffs, however, are running 57% ahead of last year at 7,949 for the four-month period, according to a survey from global outplacement consultancy Challenger, Gray & Christmas that came out Thursday, which happened to be Labor Day in several European countries. The figure is nearing the 11,700 media layoffs announced for all of 2007.
However, media sector cuts make up 2.7% of overall layoffs as other industries are bearing the brunt of the pain. The financial, government/nonprofit and transportation sectors are leading the layoff charge year-to-date, Challenger said.
Despite the increased job reductions, "it is too soon to go into panic mode," Challenger CEO John Challenger said. "The job cut levels in nonfinancial industries are still well below what we would expect in a recession."
Within the media industry, TV, radio, film and records companies have announced 3,283 job cuts so far in 2008. For all of 2007, that number reached 5,906.