U.S. media job cuts adding up
By Erina Lin, Friday 2 May 2008 at 23:17 :: Labor & Employment :: #1608 :: rss
In a struggling economy, there have been 290,671 job cuts in U.S. during the first four months of this year, up nine percent from the same period last year.
Media industry layoffs, however, jumped to 57 percent more than last year at 7,949 for the four-month period, according to a survey from global outplacement consultancy Challenger, Gray & Christmas. The 2007 full-year layoffs numbered 11,700 in the industry.
However, media sector cuts accounted for 2.7 percent of overall layoffs as “other industries are bearing the brunt of the pain,” according to the Hollywood Reporter. The financial, government/nonprofit and transportation sectors are leading the layoff charge year-to-date, Challenger said.
Within the media industry, TV, radio, film and record companies have announced 3,283 job cuts so far in 2008. For all of 2007, that number was 5,906.
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