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To: Toddsterpatriot
Indeed, the actual number of manufacturing jobs has fallen by half since 1970. ... Most people today work in services: in America, as many as 80%. But this trend is hardly new. As early as 1900, America and Britain already had more jobs in services than in industry. Even at its peak, early in the 20th century, employment in manufacturing never exceeded one-third of America's workforce. What is new is the recent absolute decline in factory employment. Although manufacturing has long been shrinking as a proportion of America's expanding workforce, the number of industrial jobs stayed more or less the same between 1970 and the late 1990s. Since then, however, manufacturing employment has fallen in every year. Chart 2 shows that since 1996 the number of manufacturing jobs has shrunk by close to one-fifth in America, Britain and Japan. In the euro zone, the average loss has been only 5%. Similarly, manufacturing output has fallen as a proportion of GDP (measured in current prices)...

43 posted on 09/04/2007 10:10:20 AM PDT by nicmarlo
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To: nicmarlo
Similarly, manufacturing output has fallen as a proportion of GDP (measured in current prices)...

Do you understand the difference between "industrial production falling as a proportion of GDP" and "industrial production falling"? LOL!

Debating with you is like shooting dead fish in a barrel.

46 posted on 09/04/2007 10:14:49 AM PDT by Toddsterpatriot (Ignorance of the laws of economics is no excuse.)
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