The Power of Productivity
By Arnold Kling
manufacturing employment in the United States fell below 12 million this year for the first time since 1946, and is now at the lowest level (11,648,000 manufacturing jobs in November) since March of 1941
According to the Federal Reserve, the dollar value of U.S. manufacturing output in November was $2.72 trillion (in 2000 dollars), which translates to $234,220 of manufacturing output for each of that sector’s 11.6 million workers, setting an all-time record high for U.S. manufacturing output per worker…
if the U.S. manufacturing sector were a separate country, it would be tied with Germany as the world’s third-largest economy.
More stuff being made by fewer people.