According to an article in the Dallas Morning News LM Ericsson, a wireless equipment maker with over 79,000 employees announced it will experience 5,000 job losses due to net profit losses totaling over $465 million. Ericsson employs 1500 workers in the Dallas- Fort Worth area. The announced job losses represent 6 percent of Ericsson's workforce. Ericsson has not announced which areas will be affected by the job losses.
The Ericsson job losses are just one in a series of job losses taking the technology sector by storm. This is an industry that's very dependent on consumers with cash and/or credit available to make purchases of expensive technology products. But with limited credit available to consumers and with many consumers facing job losses, foreclosure and/or bankruptcy, spending on technology has shrank or disappeared completely.
As Ericsson makes its decision on who will bear the brunt of its 5,000 job losses, Dallas-Fort Worth residents need to get prepared for the inevitable. It's more than likely that this will not be the last of Ericsson's job losses and we can expect to experience more job losses right here in Dallas-Fort Worth.