The "new economy" really is different: it is worse, at least for those who not long ago were working in it. Layoff announcements in America have reached levels not seen since the downsizing epidemic of the late 1980s. This week alone, more than 30,000 workers lost their jobs, in businesses ranging from frothy dotcom consultancies such as marchfirst to established institutions such as Charles Schwab and Motorola. This brings the announced total since the start of the year to around 350,000. Unannounced layoffs are even higher. Panic is starting to spread through the cubicle farms.
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