Media Industry Job Cuts Higher than Overall U.S. Job Market

The advertising and media industry cut 65,100 jobs so far since the recession began in Dec. 2007, according to AdAge DataCenter’s analysis of figures released by the Bureau of Labor Statistics.

Media companies cut 41,000 U.S. jobs, or 4.6% of staff, since the recession began, while advertising/marketing services firm slimmed by 24,100 jobs, or 3.1% of staff, writes AdAge. Overall, the ad industry is suffering more than the overall U.S. job market, which has lost 2.6% of jobs since the beginning of the recession.

Newspapers cut the most jobs in the media industry, hacking 31,200 positions, or an incredible 9.1% of staff. Radio cut 8,100 jobs, or 7.4% of staff. Magazines cut 4,500 jobs, or 3.2%. Broadcast TV cut 4%, while cable added 3%, or 2,500 jobs.

Internet-media companies added 5,400 jobs, or 7%, since the recession began.

In Dec. 2008, all areas of the advertising, marketing and media sectors slimmed jobs except for internet-media companies, which added 800 jobs, bringing employment to the highest level since 2002.

Source

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