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Final week I attended a wonderful speak on Taiwan and semiconductors given by my Hoover colleague Glenn Tiffert. It was on the Naval Postgraduate College.
It was fairly informative and the questions from the scholars within the viewers jogged my memory of what I miss most now that I’m retired from NPS.
At a few factors in his speak. Glenn matter of factly referred to the big decline in manufacturing in the USA in the previous few many years. I didn’t right him for 2 causes: (1) I wished to ask different questions and never monopolize and (2) I feel the purpose he was making may need adopted merely from the decline in manufacturing employment, which definitely has occurred.
I wrote him and connected two graphs. I haven’t heard again and so I’m scripting this up and giving hyperlinks to the graphs.
First, on manufacturing output, see this graph from FRED. As you possibly can see, manufacturing output within the second quarter of 2023 was solely 6 % beneath its all-time peak, which it reached within the fourth quarter of 2007.
Second, manufacturing employment has plummeted. See this graph from FRED. Employment peaked at 19.553 million in July 1979 and was solely 12.985 million in July 2023. That’s a drop of 33.6 %. Essentially implication: labor productiveness has elevated.
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