Tuesday, September 8, 2009

No Growth in Private Sector in 10 Years... Manufacturing in Almost 70 Years

The Big Picture details:

Speaking with Marketwatch’s Rex Nutting, I learned yet another incredible datapoint: Over the past decade, the U.S. private-sector has lost 203,000 jobs.

That’s right: Zero job growth for 10 years.
No surprise to EconomPic readers, as I reported this same stat back in May. But, in looking at the details behind this tremendous job stall, it is apparent where the majority of the jobs lost have come from... manufacturing.

That's right. The manufacturing sector now utilizes 35% less man-hours than it did just 10 years ago. Sound bad? It's a LOT worse than that.

We are now at the lowest level of manufacturing employment since... 1941 (even though the number of overall workforce is up just about four-fold in that time).

Manufacturing Employment

10 Year Rolling Change in Manufacturing Employment

Source: BLS