Month: August 2021

In 2020, despite the economic turmoil caused by the global pandemic, America’s tech sector experienced rapid growth. Last year, the total number of U.S. tech jobs grew by 60,000.

Because of this demand, U.S. employers are willing to pay for the right talent – on average, tech workers in the U.S. earn about 61% more than the average salary. But, as Visual Capitalist’s Carmen Ang details below, some tech workers make more than others, depending on where they live.

This graphic by business.org uses data from the Bureau of Labor Statistics (BLS) to highlight the average annual tech salaries in each state, compared to the average salary of other occupations. We’ll also touch on the top-paying metro areas, and what type of tech jobs offer the highest compensation across the country.

Average U.S. Tech Salaries by State

Perhaps unsurprisingly, Washington and California have the highest average salaries, largely because of the high job density in those areas.

However, when it comes to the difference in tech salary versus average salary, Alabama takes the top spot—on average, tech jobs pay 85% more than other occupations in that state.

Why are tech workers so generously compensated in Alabama? It could be because the area’s talent pool is not keeping up with demand.

In 2021, Huntsville, Alabama is expected to see 25,000 new jobs in aerospace, logistics, defense, and other tech-related industries. But these jobs could be difficult to fill given the area’s low unemployment rate.

On the other end of the spectrum, the District of Columbia has the smallest discrepancy between tech and other salaries. But at $95,330, the area has the highest average yearly salary for other occupations in the country—and tech workers still make 20% more.

Top 10 Metro Areas for Tech Salaries

Some of the highest-paying states are also home to the highest-paying metro areas.

For instance, when it comes to pay differences in tech, two of the top 10 metro areas are located in Washington state, while three are in California. The graphic below shows the metros with the highest difference between the area’s average salary and the average salary of tech jobs.

The highest pay difference between tech jobs vs the average salary is in San Jose, where tech workers make 507% more on average. This figure is almost certainly skewed because of the area’s high concentration of tech millionaires and top tier programmers.

Highest Paying Tech Jobs Nationally

Of course, location isn’t the only factor that plays into salary—the type of job is important, too. Here’s a look at U.S. tech salaries, organized by job type:

In this analysis, which looked at jobs in computer science as well as mathematics, actuaries are the highest paid professionals on average.

While actuaries are more on the mathematical and financial side of the equation, more commonly associated jobs with tech are all over the list as well: software developers, computer network architects, information security analysts, data scientists, computer programmers, web developers, computer systems analysts, and so on.

The Future of Tech is Bright

America’s information technology sector, worth about $1.6 trillion, is expected to grow to $5 trillion by the end of 2021. And as this fast-growing industry continues to boom, jobs in this sector are likely to remain in high supply.

Augmented Reality (AR) in the U.S. is looking especially promising and is projected to grow by a CAGR of 100% between 2021-2025.

In short, tech is expected to keep growing. And salaries will likely follow suit.

After nearly 20 years the American-led war in Afghanistan is finally over (or is it…). The last US forces left last night, and on Tuesday, Taliban forces took control of the airport in Kabul, while Taliban fighters and supporters across Afghanistan rallied to celebrate the return of Islamic rule.

Senior Taliban leaders posed in front of a C-130 transport plane at the Kabul airport, the hub of the chaotic US-led evacuation operation in recent days. Fighters took selfies in the cockpits of Afghan military helicopters, which had been disabled before being abandoned by US troops.

#Afghan Air force planes, including A29 Super Tucanos and MD 530s helicopters. Some of the #Taliban‘s haul after #US withdrawal. Many seem to have been disabled. pic.twitter.com/aqV31dKX7v

— Nabih (@nabihbulos) August 31, 2021

The Taliban’s top spokesman issued a statement calling for the reconstruction of an Afghanistan now firmly under Taliban rule.

“We hope that Afghanistan will not be invaded again, that it will be rebuilt, remain independent, and that a holy Islamic system will rule,” Taliban spokesman Zabiullah Mujahid said, as uniformed fighters in modern combat gear knelt on the tarmac and chanted “Allahu akbar”.

Speaking to members of the Taliban’s Badri 313 unit, Mujahid continued, via WSJ: “I praise all your sacrifices, congratulate you all on the great victory, and on achieving independence and freedom for Afghanistan.”

While the Taliban offered amnesty to former government officials and soldiers after taking Kabul and tried to project a more moderate image, they are increasingly returning to their old ways. The Taliban-appointed acting minister of higher education has said women and men could no longer attend the same university lectures, women presenters have been banned from radio and TV in the southern city of Kandahar, and dozens, if not hundreds, of former security officials have been executed.

Still, tens of thousands of Afghans who assisted the NATO war effort remain behind in Afghanistan, many still hoping to leave the country before they are imprisoned or executed by the Taliban. Additionally, the US left behind a small contingent of Americans (WSJ says between 100 and 200) and while Secretary of State Antony Blinken pledged to do everything in the US’s power to support them, right now, it appears there’s little to be done, as all commercial flights have been suspended temporarily.

Turkey has offered to continue to support the airport’s operation even as NATO ceases its operations there, NATO Secretary General Jens Stoltenberg told Bloomberg Television on Tuesday, but the Taliban have yet to approve this, and right now, the airport remains closed. Stoltenberg also told reporters that NATO is working with EU members to stave off a potential refugee crisis, while also working to ensure Afghanistan doesn’t become a hotbed for terrorism (here’s a rundown of countries willing to take Afghan refugees).

A US-based group advocating for SIVs for qualified Afghans said about 113,000 people left behind by the US and NATO during the withdrawal still want to leave the country. Per Bloomberg, the estimate was produced by the Association of Wartime Allies and based on reports on Afghan employment analyzed by the group and researchers at American University.

In terms of diplomacy, the US and other Western nations and India have cut official ties by closing their embassies in Kabul. Pakistan, China, Russia, Iran and NATO member Turkey, however, have left their embassies open. Although they haven’t formally recognized the Taliban authorities, they are in regular contact with them.

There might be one potential back-channel for the US as rescue operations begin for the Americans still let stranded. The Indian ambassador in Qatar met with the deputy head of the Taliban’s political office on Tuesday to discuss regional security, according to a statement from India’s foreign ministry.

On Tuesday, the Taliban repeated their claim that they want “peace” and a functional diplomatic relationship with the US. Meanwhile, across the country, anti-American celebrations roared as local leaders praised the defeat of the foreign invaders.

One senior Taliban leader in Khost praised the suicide bombers whose attacks on the US during the course of the war helped the Taliban secure victory. “We will establish the Islamic system you yearned for,” he said, according to a recording of the rally. “Your dreams have been realized. We have achieved the dream for which you had blown up your flesh. We congratulate you in your graves.”

The Taliban now control all of Afghanistan’s 34 provinces except for one: Panjshir, a narrow valley north of Kabul where anti-Taliban militias and some remnants of the defeated Afghan army continue to be holed up, hoping to establish a permanent base outside of Taliban control.

Though the Taliban and the Panjshiris are negotiating a possible deal, armed skirmishes have continued on the outskirts of the valley.

The question now is how will the Taliban go about running a country of 40MM with few resources at their disposal. Their international reserves have been frozen by the US, and while China and Russia will offer some support, it will be up to the Taliban to make sure sewer systems and electric grids are functioning, as well as the airports. Given the intense international scrutiny, how long might it take for the Taliban to start with the reprisals against any perceived enemies still in the country?

via SchiffGold (emphasis ours),

Jerome Powell delivered his much-anticipated speech virtually during the Jackson Hole summit on Aug. 27. Peter Schiff talked about the speech during his podcast. Everybody expected a hawkish speech outlining the Fed’s plan to taper quantitative easing. Instead, Powell tapered the taper talk.

The economic summit was titled “Macroeconomics in an Uneven Economy.” Financial analyst Jim Grant suggested a better title would be “Gasoline on Housefire,” or “Hoses in a Hurricane.”

Because $120 billion dollars a month [in asset purchases] in an economy that is bounding and running with good health – the stock market is at all-time highs, 4,000-year lows in interest rates, and on and on – you wonder, why is the Fed still in crisis mode?”

Most people were anticipating Powell would use the moment to unveil the plan to begin a taper of quantitative easing. Up to that point, the taper was only talked about as a hypothetical. Even as the central bankers have hinted at tapering, the Fed has continued to monetize around $120 billion in debt every month. As Peter reminded us, a taper doesn’t mean the Federal Reserve will stop asset purchases altogether. It will just slow them down. A slightly looser monetary policy doesn’t mean tight monetary policy.

Leading up to the speech, several Fed presidents expressed their preference for a fall taper. The expectation was that Powell would echo those sentiments, but also put some teeth in them by clarifying exactly what taper would entail.

At this point, nobody has any idea how much tapering the Fed will actually do, or how long the first taper will go on before it cuts asset purchases further. And there is no hint on how long it will take to wind QE down completely. As Peter pointed out, this is important information to know.

One of the reasons why it’s so important to understand the timetable for the taper and for QE eventually being wound down to zero is that everybody on the Fed, including Powell today [during his speech], has made it perfectly clear the first rate hike will not start before the taper ends and there’s no more QE. Think about that. The Fed is basically assuring the markets that interest rates are going to stay at zero until the Fed stops doing quantitative easing. And we have no idea how long it’s going to take before they ever end their QE program — if they ever end their QE program.”

Why is the Fed doing that? The central bankers keep talking about a strengthening economy. Yet rates are at zero and will likely stay there for months on end. If the Fed intends to raise interest rates, it should already be raising them.

The fact that they’re pretending they’re not going to raise them until some point in the future once they finish their QE program to me says that the Fed knows that they’re never going to raise interest rates.”

The last time the Fed tried to raise rates, they didn’t get anywhere near normal.

Now they’re not even trying because they’re leaving them at zero indefinitely. So, if the Fed created such an enormous problem back in the 2000s because it was too slow in returning rates to normal, think of the enormity of the problems that are being created now when the Fed isn’t even trying to raise interest rates back to normal. In fact, it’s not even trying to raise interest rates at all, and it’s leaving them at zero, which is lower than they were at any point prior to the housing bubble.”

Peter said the only reason the Fed would make this all-or-nothing bet on “transitory” inflation is if they know the bet is already lost. The Fed is damned if it does and damned if it doesn’t. If it raises rates now, it will create a financial crisis. If it waits until later, it will create an even bigger crisis. It seems the Fed’s only goal is to delay the crisis as long as possible.

As long as crisis is inevitable, just delay it. And that is exactly what they’re doing, by pretending inflation is transitory. And to a lesser extent, that’s what they’re doing by pretending that at some point in the future, they’re actually going to raise rates when they really have no intention of doing that at all.”

Powell’s Jackson Hole speech really confirms this.

Instead of getting this hawkish speech introducing the taper, this was the most dovish speech Powell could have possibly delivered. In fact, the word ‘taper’ wasn’t even spoken once. In fact, there was only one line in the entire speech that referred to the potential for a reduction in asset purchases. And the only thing that Powell said was that a reduction in the asset purchases this year could be appropriate. That’s all he said. He didn’t say it would be appropriate or that it is appropriate now. He simply said that it could be appropriate, which also means it might not be appropriate.”

If the plan was to taper, Powell had every opportunity to clarify that intention. He did no such thing. He spent most of the speech trying to convince everybody inflation really is transitory.

Powell goes on to talk more about Powell’s speech. He also covers gold stocks and the debacle in Afghanistan.

Two of the FDA’s senior vaccine officials are leaving their positions as the agency mulls new rules and regulations over booster shots and Covid-19 vaccinations for children, according to Bloomberg and Endpoints News.

Marion Gruber, head of the regulator’s Office of Vaccines Research and Review, plans to retire on Oct. 31 and Philip Krause, deputy director for the FDA’s Center for Biologics Evaluation and Research, will be leaving the following month, according to an email to staff that was viewed by Bloomberg.

U.S. health officials have been working to evaluate Covid vaccines and treatments at top speed, with shots from Moderna Inc., Johnson & Johnson and the partnership of Pfizer Inc. and BioNTech SE cleared in record time. Now the agency is charged with considering the administration’s booster program, which is set to roll out additional shots for most U.S. vaccinated adults Sept. 20. -Bloomberg

As Endpoints News notes, “A former senior FDA leader told Endpoints that they’re departing because they’re frustrated that CDC and their ACIP committee are involved in decisions that they think should be up to the FDA. The former FDAer also said he’s heard they’re upset with CBER director Peter Marks for not insisting that those decisions should be kept inside FDA. What finally did it for them was the White House getting ahead of FDA on booster shots.”

More via Endpoints‘ Zachary Brennan:

FDA’s former acting chief scientist Luciana Borio added on Twitter, “FDA is losing two giants who helped bring us many safe and effective vaccines over decades of public service.”

“These two are the leaders for Biologic (vaccine) review in the US. They have a great team, but these two are the true leaders of CBER. A huge global loss if they both leave,” Former BARDA director Rick Bright wrote, weighing in on the news. “Dr. Gruber is much more than the Director. She is a global leader. Visionary mastermind behind global clinical regulatory science for flu, Ebola, Mers, Zika, Sars-cov-2, many others.”

In a letter from Marks to staff, he explained:

Janet Woodcock told Endpoints that she wishes Gruber and Krause well and thanks them for their significant service.

Suppose you’re waiting for the launch of the new Apple Watch 7 that may make an appearance at an Apple event in September. If so, you might be disappointed because, as per Nikkei Asia, watch production has been delayed as engineers wrestle with quality issues.  

Multiple sources familiar with the Apple Watch 7 production told Nikkei Tuesday that the device “encountered critical challenges in reaching satisfactory production performance.” 

The three sources said Apple was disappointed in production quality, which could be “attributed to the complexity of the design.” The smartwatch is a larger flat-edge design than previous models. 

Four sources said that production has been “temporarily halted” as Apple engineers and suppliers sort out production flaws ahead of mass production. 

“All assemblers are facing similar problems in reaching satisfactory production performance based on the current industrial designs,” one of the people with direct knowledge told Nikkei Asia.

Apple has even requested component suppliers to delay shipments of critical parts of the new watch to assemblers, sources continued. 

The issues assemblers found in the overhauled smartwatch are related to electronics modules, components, and displays. No other details were provided. 

“Apple and its suppliers are working around the clock trying to solve the issues, but currently it is hard to tell when the mass production could begin,” another source said. Apple initially planned mass production to begin around mid-September, but now delays could disrupt mass production dates.  

Apple shares are down half a percent but don’t appear to have moved on the news.