"For a while, you could at least say we're not gaining jobs the way we used to, but we're not losing them. Everything's kind of stagnant. That has, over the last year, completely changed, where it's losing jobs again at one of the most rapid rates of the last 20 years."
"The fact that the only thing that you can compare it to is the worst tech job recession of all time is pretty bad. The length is really important here. It's been three years of job losses. It took only about four years for recovery to start from the dot-com bust, for tech to start rehiring at a semi-normal rate again. The fact that we're now three years into this and it's actually getting worse is a really big deal."
February's jobs report revealed a loss of 92,000 jobs across the economy, with the tech sector experiencing particularly severe declines. Tech job losses now exceed those from the 2008 and 2020 recessions, occurring at one of the fastest rates in the last 20 years. Historically, the US added 100,000 to 300,000 tech jobs annually with quick rebounds after pullbacks. This current downturn, lasting three years and worsening, is comparable only to the dot-com bust. Unlike previous recessions where recovery began within four years, this prolonged decline shows no signs of reversal, making it exceptionally challenging for the tech industry.
Read at Business Insider
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