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Where Did All the Workers Go? 60 Years of Economic Change in 1 Graph
Friday, January 27th, 2012
Jan 26 2012
The big story about American jobs in the post-war period is this: The manufacturing/agriculture economy shrunk from 33% to 12%, and the services economy grew from 24% to 50%… as manufacturing and agriculture got more efficient, they required fewer American workers, while the services industry (which had slower efficiency gains since it has more person-to-person work) required more employees to keep up with the rising demand for consulting, nurses, teachers, computer technicians… Manufacturing jobs have declined as a share of the economy. But manufacturing hasn’t declined as an industry. It’s grown. By a lot.
Tags: economy, globalization
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