Economics 353 Lecture 16

Economics 353 Lecture 16 - Economics 353 Lecture 16...

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Economics 353 Lecture 16 American Industry 1865-1914
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Is the US an industrial country? What fraction of non-farm employment is in: Manufacturing Government Education and Health Retail Construction
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Third Quarter 07 In thousands Goods producing 22,363 Manufacturing 14,001 Construction 7,625 Service 115,797 Retail 15,383 Ed and Health 18,473 Leisure 13,589 Government 22,273 Total 146,054
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Industrialized Country In terms of employment, it is not exactly correct to think of the US as a country with much manufacturing. There is more employment in government, retail, and education and health than in manufacturing.
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Industrialized Country Was a majority of non-farm employment even in manufacturing? Peak proportion of the labor force in manufacturing was 27 percent immediately before WWI. In 1970 it was 26 percent. In 1990 it was 18 percent. Now less than 10 percent.
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The period 1865-1914 was one of comparatively high growth of manufacturing employment. During that period, manufacturing made a
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Economics 353 Lecture 16 - Economics 353 Lecture 16...

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