Contrary to common misconception, the U.S. remains the world's top manufacturer. A World Bank report put total manufacturing output at $1.7 trillion in 2001, the most recent reported period. That's almost as much as Japan and Germany combined, both a distant second at $900 billion each.
.
The U.S. had been steadily losing factory employment since its last peak of 17.64 million in March 1998. Since then, the factory sector has shed 3.1 million jobs, or 17.6 percent of its work force.
Yet the job decline in manufacturing is universal due to technology driven productivity gains, noted JP Morgan Chase economist James Glassman. China and Mexico also are losing manufacturing jobs due to automation, he said.
"The story is one of automation -- not de-industrialization," agreed Sheldon.
A turnaround?
.
The U.S. had been steadily losing factory employment since its last peak of 17.64 million in March 1998. Since then, the factory sector has shed 3.1 million jobs, or 17.6 percent of its work force.
Yet the job decline in manufacturing is universal due to technology driven productivity gains, noted JP Morgan Chase economist James Glassman. China and Mexico also are losing manufacturing jobs due to automation, he said.
"The story is one of automation -- not de-industrialization," agreed Sheldon.
A turnaround?
Posts
No comments:
Post a Comment