China's economy is a lot more resilient than the West thinks, according to one of Wall Street's most distinguished voices on the region. Stephen Roach, who was chairman of Morgan Stanley Asia, believes the world's second largest economy is on the cusp of an even bigger growth spurt -- thanks to new technological advances and a booming consumer.
Retailing is dead. Sales clerks are losing their jobs by the thousands. The employment picture for young people with only a high school education is going to get even worse. And all this is happening because of Amazon and its ilk, which are driving the shift among consumers toward e-commerce. We've heard this story over and over in recent months: The echo chamber keeps repeating that the retail apocalypse is upon us.
Goldman Sachs Group Inc. economists say America’s opioid epidemic is probably sidelining people in their prime working years and contributing to the stubbornly low rate of men and women who are either employed or looking for jobs. “Use of both legal prescription pain relievers and illegal drugs is part of the story of declining prime-age participation, especially for men,” Goldman economists wrote in the study released Wednesday.
As the technology of the world progresses exponentially, and as many industries gradually but surely move towards high levels of automation, skills acquired in higher level education will begin to replace those begotten by physical labor. Many have correctly expressed feeling of worry that having machines replace laborers will cause many jobs to cease to exist.
America's corporate tax system is broken, posing a long-term threat to investment, innovation, and job creation in the United States. The U.S. has the highest corporate tax rate in the developed world – higher than France, Brazil, Venezuela, and dozens of other nations. As a consequence, there are $3 trillion in earnings from U.S. companies locked overseas that otherwise could be invested in the American economy. This makes no sense. Our tax laws should encourage investment here at home.
The National Academies of Sciences, Engineering, and Medicine recently released a giant report on how information technology is influencing the US workforce. I recommend it to anyone interested in job creation, labor-force participation, economic growth, and/or technology. It’s chock-full of interesting findings and ideas for future research.
“Innovation and creative endeavors are indispensable elements that drive economic growth and sustain the competitive edge of the U.S. economy.” Thus reads the start of the executive summary for the 2016 update to the Intellectual Property and the U.S. Economy...
Former Microsoft chief executive officer Steve Ballmer, Seattle design studio Artefact, and a team of academic researchers have launched a website called USAFacts that aggregates 30 years of spending data from more than 70 federal, state, and local government agencies and presents it in easy-to-interpret data visualizations.
President Donald Trump has promised voters his administration's policies will quicken the pace of U.S. growth to three percent a year or more. Even if his administration hits that target for the national economy, some states will likely continue to be left behind. The latest government data Friday shows just how much work the Trump administration faces if it hopes to fulfill its growth target.
The initial federal research investment is small. Eighty percent of the companies in the report cited less than $5 million as the amount of federal funding received for their foundational work. For 40 percent of companies, this amount was less than $1 million. The 102 companies highlighted are predominantly small businesses, like most companies in the United States. Sixty-five percent of companies have fewer than 100 employees. Yet, the companies collectively employ 8,900 people.