The tech industry has driven American economic might for decades. Staying on the cutting edge of computing, artificial intelligence, advanced manufacturing, and numerous high-tech fields drives revenue not only from the companies engaged directly in those sectors but also from the companies that leverage those new tools to improve efficiency and quality in other industries.
And while the major industries of 100 years ago relied on heavy machinery and other forms of physical capital to grow, the tech economy is an information economy, where human capital is the key asset that helps companies grow and edge out competition. That’s why recent U.S. tech center hiring data should have the industry—and U.S. economic observers in general—somewhat concerned.
U.S. Tech-Sector Hiring on the Decline
According to a recent report, tech-sector hiring was the lowest in December for all of 2019, with only 3,500 tech jobs added to the labor market last month. And, according to the U.S. Bureau of Labor Statistics’ monthly jobs report, the United States only gained 3,000 IT jobs overall, compared with 313,000 open IT positions.
A major challenge for the United States is that we don’t have the domestic supply of skilled tech workers needed by our tech industry. The U.S. Department of Education invested $540 million in the latest fiscal year to create more interest among U.S. students in science, technology, engineering, and mathematics (STEM) fields; however, the United States still relies on huge numbers of foreign tech talent. Continue reading here…
Source: HR Daily Advisor