NEW YORK: In another sign that the weak economy continues to hamper the PR industry, Edelman laid off 11 employees from its New York office last week.
The majority of the cuts came from the firm's financial and technology practices. The reductions included account and administrative staff. It was the first staff cut at Edelman in 18 months, the firm said.
"It was an assessment given the continued weakness in the first quarter," said Matthew Harrington, president of Edelman's US Eastern region. "We saw particular weakness in financial and technology - which we imagine is probably reflective of the overall economy."
Harrington also said that a weakened Wall Street hurt the financial group, as the financial-services industry continues to limit its marketing spend.
The firm is also unconvinced that the uptick in the beleaguered technology sector that many have been hoping for is on the horizon. "That's certainly not coming in the first half of this year," said Harrington.
However, he said that the firm still sees pockets of strength in healthcare, public affairs, and consumer marketing.