I've now been around long enough to remember people saying this 10-20 years ago. Seems to be plenty of manufacturing still happening.
“Plenty” but still less overall than 10-20 years ago, 30, 40, 50 years ago. There’s a quite clear trend to zero here.
If you could explain why it’s trending to zero when the dollar value of American manufacturing outputs keeps rising, I’d appreciate it.
There are plenty of other charts that contradict you on the St Louis Fed FRED website.
So, not inflation adjusted. Also doesn't capture the mix of what's being produced, i.e., a shift towards only manufacturing high value items versus being more broadly diversified and manufacturing things along a range of price points. In other words, a complete hollowing out of our manufacturing base.
Your same link shows $1.38T in 1997. Which is $2.77T today. In other words, DOWN in inflation adjusted terms from nearly 30 years ago.
The percent of GDP has been dropping but that is just that GDP has been growing faster. Which means that the US has been doing more valuable things than making stuff.
All dollar values on that chart are adjusted for inflation.
> Also doesn't capture the mix of what's being produced, i.e., a shift towards only manufacturing high value items versus being more broadly diversified and manufacturing things along a range of price points.
The chart does not capture the trend you speak of, assuming it exists.
> In other words, a complete hollowing out of our manufacturing base.
That’s not how I would put it, if you want to look at it through that lens, it’s your right.
I would say we manufacture things higher up the value chain and use the dollars we earn from making that stuff to import cheaper foreign commodities instead of manufacturing them here and using dollars to buy American made clothes and shoes and other commodity items at a much higher price than we can buy them from other countries.
We also export services and receive dollars in return, this is much more lucrative that manufacturing imo.
Why would any foreign nation even want to manufacture goods to ship here, if there's nothing much to buy with our currency? If our currency does devalue, we run the risk of not being able to import what we need, and not being able to afford to tool up to manufacture it domestically. And yet trends are clear that in many industrial sectors US manufacturing has already fallen to what might as well be zero.
Is it your impression that spa management and pet care are the only working-class service jobs available?
Most of the trades are categorized as service professions in the statistics. So is construction.
I think we both agree that one of us has unrealistic impressions of the big picture here. When we regularly here of layoffs that affect hundreds and thousands of jobs, welders and electricians can't absorb those unemployed to any great degree. Nor all of the trades put together.
There are plenty of jobs. Every person who isn't manufacturing is a person who can do something else. A modern car uses a lot more engineers. While we don't need many spa mangers, it is nice that spas exist and so some of those spa managers are needed.