It looks like upper level executives aren’t the only vulnerable ones over at AT&T. The company announced today that it will be laying off 1.5% of its workforce, amounting to about 4,600 individual workers. AT&T has already begun the process, and is currently notifying the affected employees. The company gave no indication about the specific motivations behind the severance notices, but general economic malaise, combined with declining phone prices and increased network deployment costs seem to be to blame. AT&T is claiming that additional hiring planned for the remainder of the year should keep their headcount steady by the end of 2008, but that’s little solace to the thousands who are set to lose their monthly paycheck.