Here’s an interesting data series we thought you might enlightening.
Note the peak in manufacturing jobs in June 1977, which represented 22 per cent of all nonfarm payrolls, to less than 9 per cent of total employment today. It’s too earlier to claim victory with current recovery in the manufacturing sector, but it is the the first positive slope since mid-1990′s.
There are many reasons for the secular decline, including: 1) the strengthening of the dollar during the 1980′s; 2) globalization; 3) entry of China and India into the global labour force; 4) the internet; 5) demographics and worker preferences; and 6) all of the above.
We’ll leave it to the academics to debate it and the politicians to place blame or take credit.
Click on chart to and for better resolution.
River image sourced to DonkeyHotey on flickr.
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