Tech Sector Leading the Way in Economic Recovery and Jobs

With Google, Advanced Micro Devices and Intel all reporting significant gains in revenue and profits for 1Q, the tech sector is beginning to show marked signs of economic recovery according to a story recently published in the Wall Street Journal.

Both Google and Advanced Micro Devices reported increases of greater than 30 percent in revenue and profit; while Intel announced quarterly profits that nearly quadrupled on a 44 percent jump in sales.  Analysts believe that tech earnings for the quarter will see a 79 percent increase over last year’s 1Q levels.  These indicators are leading the way to what analysts believe will be a broader economic recovery as both companies and consumers continue tech spending in 2010. 

One effect already being felt is an increase in tech jobs and hiring.  Dice.com, which specializes in tech jobs, reported it now lists more than 62,000 tech positions nationwide, up nearly 22 percent from last year at this time.  This is the first time job listings rose on an annual basis since December 2007. This contrasts greatly with the overall US labor market which still has an unemployment rate of 9.7 percent, and the state which just announced that unemployment has reached 11 percent. 

The tech industry recovery is affecting a diverse set of products and services from personal computers to online advertising as consumers and businesses get back into the buying game.

Read the full story in the Wall Street Journal