The tech industry has suffered from a number of issues over the past few years, and now the news is that the jobs it lost over the last five years were not only not being created, they were being replaced by a whole new generation of tech workers.
As Recode reported, the US tech industry lost 3.5 million jobs between January 2017 and March 2019, and this is just the tech sector that has seen a decline in jobs.
“In the last year alone, the total number of jobs lost by tech companies dropped by more than half, from more than 2.2 million in the same period last year to less than 1.4 million today,” the site said.
Recode said that while these jobs losses were not entirely the fault of tech companies, the trend is a clear one: “The decline in tech jobs has been a long-term trend that we have seen throughout most of the past three decades.”
This is a trend that has already begun to accelerate: According to the Bureau of Labor Statistics, the number of people who are in the labor force declined by nearly 2.5 percent from January 2017 to March 2019.
This is only a drop in the bucket of the jobs that are being lost: The number of Americans who are unemployed or underemployed increased by about 8.5% between January and March, and by more the last two months of 2019 than in the previous two years combined.
The fact that this is happening in the US is a little bit worrying.
The tech sector is now the third largest employer in the country, and the industry is being hit by a number a major problems.
“With this massive decline in the economy, it is difficult to envision how many jobs will be created over the next 10 years in the United States,” Steve Gopnik, CEO of tech start-up AngelList, told Recode.
He added, “In a country where more than one in five Americans have a college degree, many of those workers are not going to have a job until the economy picks up again.”
“If you’re in the technology industry, you’re going to get displaced in some capacity in the next decade,” Paul Toth, a professor of finance at New York University, told the publication.
He also pointed out that it’s hard to imagine that there won’t be more tech workers going into the workforce in the future, and many people will still be unemployed, but not all of them.
“I think the industry will continue to lose a lot of people in the coming years, but in a way, they will become more productive and more productive people,” he added.
The biggest losers of all are the low-wage tech workers who are being displaced by the rising cost of living.
In the past five years, wages for low-income workers have risen by less than one percent, according to the Economic Policy Institute.
But as TechCrunch reported, a majority of these workers are also being replaced in a number companies, like Uber and Lyft.
According to an analysis by the Economic Innovation Group, these companies are losing between $5 billion and $10 billion per year.
“The tech industry will likely have more losses than it gains in the long term,” Gopik told Recidub.
“What we need to see is a shift away from this one-size-fits-all model to one that recognizes that we are going to need to adapt to a global economy where the cost of labor will continue rising.”
While the tech economy may be losing jobs, there are a lot more people that are doing the same job than ever before.
“We’ve been told by the tech leaders that this economy is just going to stay stagnant,” Gopolik said.
“But what we’re seeing in tech is a real transition from being a place where we’ve been able to do what we want to do with our brains to a place that is actually producing more than what we could have in the past.”
And this is not an inevitable trend.
In fact, the economic data suggests that as the tech world continues to grow, we could see a return to the kind of robust growth that the industry used to enjoy in the 1990s.
Tech companies like Facebook, Google, and Amazon have grown from being niche industries to a larger global powerhouse.
As Gopnick pointed out, the reason that these companies were able to grow is because of the global expansion of the Internet.
The web has allowed for a new generation to become the largest and most powerful companies in the world, and these companies have been able turn this global growth into profits.
This has allowed the tech companies to keep their profits flowing.
As a result, they’ve been willing to invest in new products, new technologies, and even new business models.
This includes artificial intelligence, which is a way to improve the performance of robots.
“There is a long way to go for AI to be able to compete with the likes of Facebook, for example, but the fact that AI