The study says technology firms announced roughly 47,000 job cuts in 2010, down 73% from the year before. CEO John Challenger says that’s a positive indicator for broader economic growth.
“Companies are sitting on lots of cash, and so they’re investing back in themselves, investing back in technology that they avoided during the recession, and that’s meant for tech companies better times and for tech workers a growing number of jobs.”
Challenger cautions that while hiring in the tech sector is improving, job candidates will continue to face stiff competition.
“There are still many tech workers who lost their jobs during the recession, who are fighting their way back into the job market. As the economy improves, so will the employment prospects, but it’s not going to happen overnight.”
According to the study, the electronics industry saw the sharpest drop in job cuts, followed by computer firms and telecommunications companies.