Computer Science and Technology companies aren’t hiring very much at all right now. What causes this and what metric can people use to quantify “badness” of the market? Low net profit?
In: Economics
Unemployment rates, the number of jobs in a sector available, disrupting technologies for specific industries, global insecurities, median pay rates for industries, the need to work, typical benefits for specific jobs, etc.
When you look at all these factors you can determine how a market is doing and get a feel for if its a good or bad job market.
Example: A new technology comes around that allows AI to write movie scripts. This puts a lot of writers out of work since the AI can do their job. The movie studios don’t need to hire any new writers to replace them so there are fewer writing jobs available but still the same amount of writers. The few writers that do keep their jobs, the ones who work for companies that can’t afford this new AI yet, now have to compete against a TON of writers who are out of work. So perhaps these writers who don’t want to lose their job take a pay cut or work twice as hard so that they don’t get fired. All the while a new writer, fresh out of college and looking for their first job takes a look at the ‘job market’ and realizes ‘wow this is a really bad time to be a writer.’
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