Thursday, June 25, 2009

Decade of Lost Jobs

Business Week recently published data that shows how many jobs were created and lost by industry during the last decade (May 1999 to May 2009).

The data is plotted below

Click image for a larger chart

What is most noticable is that 5.4 million jobs were lost in the American manufacturing sector---This is a result of cheaper foreign labor driving more Americans from the goods-producing sector and into the service sector.

In total, a little over 3 million jobs were created---With 2.9 million of thoes jobs coming from Private Health Care... It's easy to understand why---health care inflation has significantly outpaced overall inflation for the entire decade, and with the aging baby boomers---more and more people are qualifying for government care---People go to where the money is and money is in health care.

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