| Source: Dr. Mark J.
Perry is a professor of
economics and finance in
the School of Management
at the Flint campus of
the University of
Michigan. Perry holds
two graduate degrees in
economics (M.A. and
Ph.D.) from George Mason
University in
Washington, D.C. In
addition, he holds an
MBA degree in finance
from the Curtis L.
Carlson School of
Management at the
University of Minnesota.
Since 1997, Professor
Perry has been a member
of the Board of Scholars
for the Mackinac Center
for Public Policy, a
nonpartisan research and
public policy institute
in Michigan. Website: http://mjperry.blogspot.com/ |
|
Manufacturing employment fell by 51,000 in September. The service-providing sector cut 147,000 workers in September, while goods-producing industries shed 116,000 positions. It’s a dismal picture: Manufacturing Jobs Drop To Lowest Level Since 1941, Below 9% of Workforce for the First Time.
As a percent of the total labor force, manufacturing employment fell below 9% in July (see chart below), the lowest level in BLS history (back to 1939).
Here is a cogent comment from one observer: Many areas of manufacturing have been banned or been regulated out of the US. Want wood, call Canada. Want steel, call China. More and more computer coding is moving off shore. And companies like IBM, Intel and HP have indicated that Silicon Valley could very well be the next Detroit. America may regret that we decided to let others make most things for us. Here is another comment that I would like to try to understand but can’t although I hear it all the time: We "make things" too. They are called "services". We're really good at it and people around the world want them. |