Multiple news agencies reported that Verizon plans to cut 8,000 jobs to offset a 21% decline in quarterly profit. In the last 5 months AT&T has cut about 12,000 and Sprint Nextel has pared down another 8,000 people.
That being said, is this the final gasp of the telecom bust of 1999-2000?
Could it be that the historic, copper-telephone cable between us is in the throws of a final cut as the US moves to Voice Over IP connectivity? One thing is for certain, cutting 28,000 jobs in the telecom market doesn't bode well for 3rd quarter employment numbers.
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