Referring to the fact that productivity growth slowed in the 1970s and 1980s even while information technology developed rapidly, economist Robert Solow once quipped: "You can see the impact of IT everywhere but in the productivity statistics.” Today, one can see the so-called job-destroying impact of robotics everywhere but the employment statistics.
Last month, the U.S. economy created over 220,000 net jobs. On average, it has created 174,000 jobs a month this year, relatively tepid but nonetheless steady job growth (just below last year’s 187,000 jobs a month). With a 4.1 percent jobless rate, and more Americans re-entering the workforce, […]
Full Post at www.realclearmarkets.com