Tech jobs are getting demolished in ways not seen since 2008
3 hours ago
- #AI-impact
- #tech-jobs
- #economic-downturn
- Tech industries are experiencing significant job losses, outpacing past recessions like 2008 and 2020.
- Economist Joseph Politano compares the current situation to the dot-com bust, noting it's been three years of continuous job losses with no recovery in sight.
- Other sectors like manufacturing and healthcare are also showing weakness, with healthcare job losses exacerbated by strikes.
- Recent college graduates, especially those in STEM fields, are struggling to find jobs as tech hiring declines.
- AI is cited as a contributing factor to job losses in tech, though its exact impact is unclear.
- Block's recent layoffs, attributed partly to AI, highlight ongoing challenges in the tech labor market.
- Economists predict continued job losses in the tech sector with little hope for a near-term recovery.