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Posted by: Michael Mandel on December 05
The BLS has just come out with its latest 10 year employment projections, running from 2006 to 2016. The projections call for a 10.6% drop in the number of manufacturing jobs over that ten year stretch, or about 1.5 million workers.
It’s worth noting that these projections are significantly more pessimistic about manufacturing jobs than the previous set of projections, published in November 2005 for the years 2004-2014. In that future, manufacturing jobs only dropped by 5.4%
It’s also worth noting that the BLS projections done a decade ago completely missed the decline in manufacturing employment. In November 1997, the BLS projected that manufacturing jobs would decline by a miniscule 1.9% decline from 1996 to 2006.
In fact, the actual damage was a whopping 17.6% drop in manufacturing jobs over the same stretch. Now that’s a big miss.
Michael Mandel, BW's award-winning chief economist, provides his unique perspective on the hot economic issues of the day. From globalization to the future of work to the ups and downs of the financial markets, Mandel-named 2006 economic journalist of the year by the World Leadership Forum-offers cutting edge analysis and commentary.