The microelectronics has been on the declining trend for half a decade. A lot of people were saying that we are heading for the "long winter" in the industry.
Long term investments into manufacturing are on the all time low. Only recent events with trade war made some bigger OEMs to reopen lines in 3rd world countries other than China.
It's important to make distinction that it's not only consumer good sagged, "enterprisey" stuff sees no growth either, and that's why people don't invest more in high end fab process because they don't see server chips, router chips, and memory going up in sales any time soon.
Why it's bad? It's bad because every time the industry moves up a node, it's paid by highest bidders first. If Intel/Broadcom/AMD and other big boys wouldn't have paid for 7nm, there wouldn't have been 7nm for the rest of us.
We may not see 5nm, despite EUV being "just months away"
On other hand, our engineering consultancy saw an enormous inrush of new clients, most of whom are complete newcomers to the industry. One of them is... a furniture company, and a big one.