It’s no secret that the richer you get, the more services you demand.
In a new report from the McKinsey Global Institute, we learn that the manufacturing sector’s share of employment rises and then falls as GDP per capita rises. The decline is associated with the rise in service sector hiring as people demand more services.
“This pattern holds across advanced economies and will hold for today’s developing economies as they become wealthier,” write the authors.
[credit provider=”McKinsey Global Institute” url=”http://www.mckinsey.com/insights/mgi”]