Every five years, the government takes an economic census of the nation looking at 1,000 industries and 15,000 communities. The Census Bureau is now releasing information on the 2012 survey. The biggest news: Employment in health care and social assistance showed the largest growth in employment from 1997 to 2012, up 5 million or 37 percent.
The big loser has been manufacturing, down 5.5 million jobs or nearly 33 percent. On the other hand, the annual payroll per employee increased to $52,686 from $33,907, reflecting the movement of lower-skilled factory jobs overseas. Total manufacturing employment was about 11 million in 2012, compared with around 17 million in 1997. In that year, China had not yet joined the World Trade Organization and many tariffs were still in place, such as for textiles and apparel.
Lower-wage jobs have made big leaps: accommodation and food services up 27.3 percent, with restaurants and bars accounting for 90 percent of the growth. Administrative and support “and waste management and remediation services” (I don’t know why this is lumped together) rose from about 7 million to more than 10 million, but has been steady for the past several years, probably reflecting increased automation.
Finance and insurance employment grew by only 6.5 percent. But the revenue from this sector leaped nearly 61 percent to $1.3 trillion.
And Don’t Miss: Five ways privatization is fleecing American taxpayers | Salon
Today’s Econ Haiku:
Are on DOJ posters
Bad bankers, OK