The U.S. economy is the largest and one of the most complex and dynamic in the world — and as a result, the only constant is change. Consumer preferences shift along with the demographic makeup of the country; production processes evolve along with technological advancements; and innovation gives way to all new kinds of products and merchandise.
In such an economic environment, the job market is constantly changing. Over the course of just 10 years, entire industries can take off, while others become decimated, shedding over half their workforce. Using data from the Bureau of Labor Statistics, 24/7 Wall St. reviewed employment change between 2009 and 2018 to identify America’s 25 dying industries.
It is no secret that certain technologies have come at the expense of hundreds of thousands of American jobs. Many different industries in the manufacturing sector have been gutted by automation. The proliferation of online media content has also led to the shuttering of newspapers and other print publications across the country. These and other similar industries rank among those on this list. Here is a look at how technology has changed the world since 2010.
The reduced need for most industries on this list has resulted not only in job cuts, but also led to slower wage growth. Across all industries, the average annual pay climbed by about 26% from 2009 to 2018. In the majority of the industries on this list, wage growth lagged behind the national average. Here is a look at the 25 lowest paying jobs in America.