Tag: Jobs

The USA – From an Industrial to a Service-Based Economy: Why New Jobs Are Missing

The U.S. lost millions of industrial jobs, but the growing service sector couldn’t replace them. Service jobs tend to be lower-paying, and many lost factory jobs were replaced by these lower-wage positions. Additionally, most new jobs are in low-skilled services, not high-skill jobs. The shareholder-focused capitalism of the 1980s led companies to offshore production and cut jobs to increase profits. Automation has also replaced many industrial jobs, and even if companies return to the U.S., they may not create many new jobs due to high-tech automation.