540,000 High-Tech Jobs Wiped Out in 2002

[mhr]

Hi All,

From the NY Times we learn that 540,000 high-tech jobs were eliminated, downsized, or outsourced in 2002.

The article link and snippet follows.

http://www.nytimes.com/aponline/technology/AP-High-Tech-Jobs.html

High - Tech Jobs Dwindle by 12 Percent
By THE ASSOCIATED PRESS
November 19, 2003

SAN FRANCISCO (AP) -- About 12 percent of the nation's high-tech jobs have evaporated during the past two years, but the meltdown appears to be in its final stages, according to an industry report to be released Wednesday.

After wiping out 540,000 jobs in 2002, high-tech employers are on pace to lay off another 234,000 workers this year, based on figures compiled by the AeA, a trade group formerly known as the American Electronics Association.

Based on the AeA's estimates, the high-tech industry will end this year with about 5.73 million workers, down from 6.5 million employees at the end of 2001.

Snip ......

[SoCalDem]

1. 774,000 "formerly" well paid people are now

either looking for work, or have settled for a lower paying job (most likely) with fewer , if any benefits..

Those "tech" ceos are probably very proud of themselves :(..

The article does not address the issue of all the soon-to-be graduated people who had planned on making that their careers..:(..

Sad...just plain sad...

[ramapo]

2. Here in NJ

Today's paper gave the NJ high-tech losses...

12% NJ decline steeper than nation as a whole. NJ lost 28,700 tech jobs last year, 540K nationwide. I wonder how many went to India?

But the article started off saying how things are getting better so this is bad news but old news. Indeed...Yesterday it was reported that new jobs are being created and NJ jobless figures were off slightly last month.

The facts provided:
+2,300 jobs last month - highest level since 12/00
+38K since 12/02

But the big question is what kind of jobs are these....A partial breakdown...
+4700 - Leisure/Hospitality
+1800 - Financial services - banks? New branches sprout like weeds around here
+300 - Manufacturing

This says to me that low-wage service jobs are being created.

Here's a quote cited in the story from an economist... "Adding any jobs is good given the (nation's) weak labor market."

So the message is be happy and don't worry. The Bush plan is working to create low-paying jobs to replace the high-paying jobs being exported in order to boost corporate profits.