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February 28, 2001
Dot-Com Jobless Toll Mounts
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February dot.com job cuts fell 9 percent from January, in which a record 12,828 cuts were announced. Only 130 job cuts were announced in February 2000, reported international outplacement firm Challenger, Gray & Christmas, Inc.
Dot.com job cuts over the last three months, the three biggest consecutive months on record, total 34,936. That is 12 percent more than the 31,056 announced between December 1999 and November 2000.
Challenger said it has tracked 65,992 Internet job cuts in 15 months.
So far in 2001, Internet-related firms have announced plans to cut 24,477 workers. In contrast, January and February 2000, combined for just 406 job cuts.
One of the biggest spikes in dot.com job cuts came from online retailers. Job cuts in this category grew 57 percent from 1,829 in January to 2,874 in February, making it the top category for job cuts for the month. It was followed closely by firms that build and maintain the technological elements of the Internet, which announced 2,721.