Since 2010, the United states economy has been adding jobs. And doing so for consecutive 84 months. Unemployment seen nearly a decade ago has vanished. But, not every sector is benefiting from economic growth, MarketWatch reports. When it comes to retail, the jobs there have been disappearing at a rate of 6,600 per month.
Retailers are cutting staff, and even closing shops, due to intense competition coming from Internet-based retailers, especially Amazon. General merchandise, health, and electronics stores are among the ones that have suffered for a while from the hands of Amazon and the likes. Now, even grocery stores are shedding jobs.
Meanwhile, manufacturing and mining industries are recovering and creating jobs. This is due to a fall in the value of a dollar, thus making exports cheaper for foreigners. Also, commodity prices have stabilized, so miners, especially in the oil industry, are increasing production.
However, jobs in the traditional information industries are disappearing. Since 2001, due to the advancement of the internet, a million jobs in broadcasting, telecommunications, and traditional publishing have been lost.
The advancements in Artificial Intelligence are also likely to bring disruptions in employment. Automation is likely to destroy, as well as create, jobs in manufacturing and service industries. Now, even some paralegal and accounting jobs are threatened as more advanced system come to the marketplace. But, so far, the economy is doing well. Is that the quiet before the storm?