Layoffs and Wage Cuts [Economy Deathwatch]

The economic storm hit hard at three local companies on Friday. Creative agencies T3 and Springbox announced job cuts, while software maker National Instruments said it would cut employees’ salaries by 5 percent.

The Austin Business Journal reported that T3 had small staff cuts this week. The number was estimated to be more than 20, but T3 did not confirm that. One of the largest independent agencies in the country, T3 has offices in Austin and San Francisco. The ABJ also reported that T3 implemented an agency-wide salary cut, but that T3's spokesperson declined to specify the amount.

Springbox, an interactive marketing agency, is said to have laid off about eight employees this week, according to the ABJ.

National Instruments, one of Austin's largest public companies, made salary cuts as part of an attempt to reduce its overall costs by $30 million this year. The pay cut affects all of the company's 5,100 employees, including the 2,200 in Austin.