The post-crisis era has seen a lot of hype around two areas of the US economy: Manufacturing (there’s been tons of talk about a manufacturing renaissance) and oil and gas extraction.
Both are legitimately interesting. Neither are big job creators, as yesterday’s jobs report reminded us.
First let’s look at oil and gas mining. The industry really employs very few people.
Less than 200K people are in the oil and gas extraction business.
FREDAnd on a month over month basis, just 500 or so new jobs were created in May.
FREDSo while oil and gas is a big exciting story, it’s not directly a big source of new jobs.
Manufacturing looks much worse.
The sector has actually shed jobs in each of the last three months.
FREDIf there is a manufacturing renaissance in the US, then it’s about robots, not humans.
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