While
the monthly jobs data tell us how the economy is doing overall, it's also
worthwhile to see in what ways it's been changing. We're used to the idea that
manufacturing jobs have disappeared overseas and that computers will soon be
doing all those that are left, but automation and the export of low-skill jobs are
part of a self-correcting process by which businesses take advantage of
opportunities to provide more and better services - not just cheaper versions
of the same old ones.
We
can see this happening in two important areas, manufacturing and healthcare. In
the past year 260,000 new jobs were created throughout the manufacturing sector,
largely because automation, logistics and communications have replaced low
wages as the most important costs for many companies. Similarly, there were
almost 400,000 new jobs in healthcare, and not as low-wage nursing home aides. These
are mainly jobs where people now use computer technology as a matter of course,
providing more care than in the past (though we can debate whether it's better).
How
the economy fares in the next few years has little to do with low-wage jobs or
more automation - it's probably consumer debt that will upset the cart - but
the rejuvenation of industries through the use of more technology is the
important long-term trend.
Total
jobs in May were up 1.6 percent over last year, the same as in previous months.
Not great but at least steady. Jobs were up 4 percent in construction, 2
percent in manufacturing, healthcare and at restaurants, 1 percent in retail
and finance, 2.4 percent in business services, and flat in government.
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