27 Charts That Will Change How You Think About The American Economy

Ted

FYI: The US economy is changing — and not always in the ways people expect. Fewer people are working in the manufacturing sector, yet we're producing more manufactured goods than ever. In many ways, the US economy is less dynamic than is commonly believed — the number of startups is dropping, people are changing jobs less often, and worker productivity is growing at its slowest pace in decades.
Regards,
Ted
http://www.vox.com/new-money/2016/10/10/12933426/27-charts-changing-economy

JohnChisum

I believe we are at the cusp of widespread integration of robots in manufacturing, especially with humanoids coming online now.

There is a big difference in manufacturing labor between 1986 and 2016. People made widgets in the 80's. Today, robots are making the widgets and pretty much everything else. There is no limit on what they can do.

In this long video, human labor is utilized to transfer products between robot stations. Very little human manufacturing is involved. This is the BMW plant in So Carolina but it could be any assembly plant. Humanoids will soon take those few jobs humans have at the present.

https://m.youtube.com/watch?v=pa5_tudyAF8

I'm glad I'm retired.

Derf

When the bots can fix themselves we'll really be in trouble !
Derf

DanHardy

I'm not surprised.

Puddnhead

Hi Linkster!
Very very good post! Love charts! Where I work in manufacturing, we have 3 wage scales. So, yes, we still make things.....just cheaper.....and yes, there are fewer of us doing this now than before. While more are in service now, they are less important. Why? Because they make nothing and many you can do without if you have to. Production over at work is falling.....has been. Why? The old timers are retiring and the newbies have little or no training. How can you replace a 30-year man with a college boy and not skip a beat? Only a fool would believe that. Inflation? You tell me. What hot money will do and we'll see about inflation..... see emerging markets. We have many robots over at work. Many can't do their job right and need human help---maybe we just bought the stupid ones---Lol. As far as college leadership, many just use us as a resume entry and offer no value. As far as the young, they will have to work until 67.....I think not on the plant floor. Behind the desk, yes. 401s: many don't save so get ready to help. More single women having children.....nothing new there. Housing, again, nothing new there.....out of reach for many. Besides, they would rather have cars, smartphones, etc. Yep, even the temps have the latest and greatest. As I see it, many of the young will never retire.....they live for today.
God bless
the Pudd

Crash

Great film. And I'm not even a science-fiction fan. Harrison Ford, Sean Young. Sequel coming. http://www.imdb.com/title/tt1856101/?ref_=nv_sr_1

https://en.wikipedia.org/wiki/Replicant

BobC

Some very good charts, thanks for posting this link, Ted.

Nick_de_Peyster

Currently the distribution of resources is tied to employment, except for social welfare benefits. Automation undermines the link between employment and access to resources. At some point, something will have to give.

Nick de Peyster
http://undervaluedstocks.info

Old_Joe

@Ted's charts and @JohnChisum's video are both fascinating. That BMW video looks like a science-fiction movie. Can you even begin to imagine how many more workers would need to be present in that factory if those robots weren't there? And don't you get the feeling that many of those remaining workers could be dispensed with if BMW really wanted to?

Thanks to both of you!