Manufacturing's Productivity Myth
Justin Fox for Bloomberg: The U.S. manufacturing sector is far from the basket case it is sometimes made out to be on the campaign trail. But it's important to realize that it isn't exactly going gangbusters, either.
The everything's-OK line about U.S. manufacturing goes something like this: Yes, lots of manufacturing jobs (7.3 million, to be precise-ish) have been lost since employment in the sector peaked in 1978, but real manufacturing output is at an all-time high. So the manufacturing sector is doing fine -- it's just that thanks to automation and other technological advances it has gotten much more productive and thus doesn't need as many workers. Cont'd...
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