The divergence in growth between service and goods-producing sector employment in the US since the crisis is truly striking. (and mind the scales) @DeutscheBank via @SoberLookpic.twitter.com/9hXprfIxJX
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I believe services are growing faster than goods. But why were jobs producing goods hit disproportionately hard in the recession?
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Maybe it’s because goods producing industries have inherent cyclicality where plants, mills, and mines are idled all the time so you just ride it out. I also imagine factory workers and miners are adapted to one use whereas service workers are more adaptable to different uses.
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Which service providers couldn't do? Could be. Or do you think the recession dealt the final blow to a bunch of goods-producing companies that were already near death, of which there were more because there has been more growth in services than goods?
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Durables far more cyclical in recessions is a long-standing result in business cycle empirics, again easier to postpone buying a new car than many services purchases, goods are more durable.
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Ah, the sound of someone who knows what he's talking about. Thanks!
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A higher proportion of services are non-discretionary (e.g. healthcare, education, government, etc). See: https://www.bls.gov/emp/tables/employment-by-major-industry-sector.htm …
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Actually what's more surprising is that the U-turn in growth in goods-production jobs after the recession. This is however contradicted by BLS statistics: https://www.bls.gov/emp/tables/employment-by-major-industry-sector.htm …
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Maybe because jobs producing goods are less rapidly fungible than services jobs. It's hard to retool a factory; you need a new product and market first. But a consultant or a waiter- easier to shift. Also, housing construction and building materials stopped dead.
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The different scales used for the two vertical axis creates the illusion of that but if you compare the numbers both lines fell roughly the same (during recession: Blue: 98 to 86: - 12% Red: 21 to 18: - 9% Much closer than what the chart suggests.
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The shifting demographics of our consumer generation. Less ownership, more experiential.
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