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America's 24 dying industries

24/7 Wall St. Logo By Sam Stebbins of 24/7 Wall St. | Slide 1 of 25: An estimated 141.9 million people are working in the United States, up 4.8% from 10 years ago. While this represents employment growth on a macro level, on a micro level there were many losers as well as winners -- and many industries have nowhere to go but down.Nearly every industry is the U.S. economy is subject to the powerful and often unpredictable forces of the free market. In recent years, globalization and technological advancements have fundamentally changed the U.S. economic landscape. For better or worse, industries that at one time seemed unassailable now appear to be hanging by a thread.24/7 Wall St. reviewed annual employment data from the Bureau of Labor Statistics from 2007 to 2016 to identify the fastest dying industries. Industries on this list shed between 42% of workers on the lower end and as many as nearly 90% in the fastest dying industry.The types of industries shedding the most workers range broadly from telecommunications equipment manufacturing to newspaper publishers. While the types of jobs on this list often have little in common, their declines in recent years can often be traced to one of just two causes.In an interview with 24/7 Wall St., Martin Kohli, chief regional economist at the Bureau of Labor Statistics, explained that two major technological changes have led to steep employment declines in many of the industries on this list.The first of these is the expansion of internet use and access. “Because of the continued expansion of the internet, there have been big changes in how people get information and entertainment, and this has created some winners and some losers” Kohli said.Instant streaming access through online platforms like Hulu, Amazon, and Netflix have decimated VHS manufacturing and video and disc rental businesses. Employment in those industries fell by 60.5% and 89.8%, respectively, in the past decade.Meanwhile, online news platforms and photo sharing social media applications have played a considerable role in the the decline of newspaper publishing, photofinishing, and libraries and archives. In the past decade, the number of Americans working in each of these industries has been cut in half.The second major technological trend is related to increasing automation in the workplace. “Because of changes in technology, productivity has gone up in a number of industries so you need fewer people to make the same amount of stuff,” Kohli said.Increased efficiency attributable to technology disproportionately affects the manufacturing industry. Of the 25 jobs on this list, 10 are in the manufacturing sector.Many industries on this list continue to suffer from the longer term trend of globalization. Inexpensive labor abroad, as well as foreign manufacturers competing with U.S. companies, have each contributed to the decline of the American manufacturing sector.

These industries are shedding the most workers

An estimated 141.9 million people are working in the United States, up 4.8% from 10 years ago. While this represents employment growth on a macro level, on a micro level there were many losers as well as winners -- and many industries have nowhere to go but down.

Nearly every industry is the U.S. economy is subject to the powerful and often unpredictable forces of the free market. In recent years, globalization and technological advancements have fundamentally changed the U.S. economic landscape. For better or worse, industries that at one time seemed unassailable now appear to be hanging by a thread.

24/7 Wall St. reviewed annual employment data from the Bureau of Labor Statistics from 2007 to 2016 to identify the fastest dying industries. Industries on this list shed between 42% of workers on the lower end and as many as nearly 90% in the fastest dying industry.

The types of industries shedding the most workers range broadly from telecommunications equipment manufacturing to newspaper publishers. While the types of jobs on this list often have little in common, their declines in recent years can often be traced to one of just two causes.

In an interview with 24/7 Wall St., Martin Kohli, chief regional economist at the Bureau of Labor Statistics, explained that two major technological changes have led to steep employment declines in many of the industries on this list.

The first of these is the expansion of internet use and access. “Because of the continued expansion of the internet, there have been big changes in how people get information and entertainment, and this has created some winners and some losers” Kohli said.

Instant streaming access through online platforms like Hulu, Amazon, and Netflix have decimated VHS manufacturing and video and disc rental businesses. Employment in those industries fell by 60.5% and 89.8%, respectively, in the past decade.

Meanwhile, online news platforms and photo sharing social media applications have played a considerable role in the the decline of newspaper publishing, photofinishing, and libraries and archives. In the past decade, the number of Americans working in each of these industries has been cut in half.

The second major technological trend is related to increasing automation in the workplace. “Because of changes in technology, productivity has gone up in a number of industries so you need fewer people to make the same amount of stuff,” Kohli said.

Increased efficiency attributable to technology disproportionately affects the manufacturing industry. Of the 25 jobs on this list, 10 are in the manufacturing sector.

Many industries on this list continue to suffer from the longer term trend of globalization. Inexpensive labor abroad, as well as foreign manufacturers competing with U.S. companies, have each contributed to the decline of the American manufacturing sector.

Click ahead to see America's 24 dying industries.

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