HP STARTS LAYOFFS IN BOISE IDAHO

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HP STARTS LAYOFFS IN BOISE IDAHO

 user 2008-08-28 at 1:48:13 pm Views: 84
  • #20445
    http://www.fox12news.com/Global/story.asp?S=8899317
    HP STARTS LAYOFFS IN BOISE IDAHO
    Boise,
    Idaho — The national economy
    is taking its toll on Idahoans, as a number of Hewlett Packard
    employees found out Monday they’d no longer be working for the
    company.This has been an ongoing theme for high tech companies not
    just in Idaho, but nationwide, and financial experts say that’s not
    about to change any time soon.”We’ve lost a few thousand
    jobs in high tech, and we expect there will be more declines over the
    next couple years,” said Mike Ferguson, Idaho Division of Financial
    Management.Technically speaking, we’re not in a recession yet,
    but Ferguson says it is coming and there are some businesses already
    feeling the pinch more than others — mainly new home construction and
    high tech companies.

    To bring the point a little closer home, Hewlett Packard has reportedly laid off more employees.Company
    officials aren’t saying how many, just that the decision was made based
    on streamlining procedures which have been ongoing since June.”The
    realignment of the business entails shifting resources from slower
    growing businesses to new business opportunities,” said Alison Graves,
    Hewlett Packard spokesperson.Sadly, it’s not likely to be the last of such announcements.

    Forecasts
    show the local high tech industry will continue to cut jobs — about
    1,500 more in the next year or so, bringing the total to over 4,000
    jobs lost since the economic downturn began.”We think that
    it’ll probably be 2010 before we see significant recovery in both the
    housing sector and the high tech manufacturing sector,” said Ferguson.Some
    might think gas prices are driving the issue. Ferguson says in reality
    it’s only compounding the problem, which was originally created by real
    estate speculators a couple years ago.

    That problem has since been repaired, but the price of fuel continues to add to the burden.
    The
    silver lining, if there is one, is that the forecasted recession should
    begin wrapping up by mid 2009, but high tech companies like Hewlett
    Packard will continue to struggle until 2010.
    “It’s
    basically kind of drawn out sluggishness that is going to be with us
    for the next couple of years,” said Ferguson.Incidentally, the
    last U.S. recession ran between March and November of 2001.Ferguson
    says he expects this one to be relatively mild, with a decline in jobs
    of around two-tenths of one percent.