CHINA: It may seem hard to believe, but China is losing more manufacturing jobs than the U.S., according to data from The Conference Board. For the entire economy between 1995 and 2002, China lost 15 million manufacturing jobs, compared with 2 million in the U.S. However, demand for service jobs is booming in China.
“As its manufacturing productivity accelerates, China is losing jobs in manufacturing—many more than the U.S. is—and gaining them in services, a pattern that has been playing out in the developed world for many years,” according to the Conference Board study.
Meanwhile, China’s industrial labor productivity grew 17% annually between 1995 and 2002. As in the more developed countries, this rise in productivity comes from improved technologies and the reallocation of resources from lower to higher value activities, the study states.