The Council on Foreign Relations recently released a report entitled “Globalization and Unemployment“. The report makes clear the United States current labor market crisis. Authored by Michael Spence and Sandile Hlatshwayo, they break down out economy into tradable and nontradable jobs. Tradable are those who are subject to competition from foreign labor and nontradable are not.
“Jobs growth was slow in May, renewing pessimism about the U.S. economy. Spence, a Nobel Prize-winning economist writes that economic growth and employment in the United States have started to diverge, increasing income inequality and reducing jobs for less-educated workers.”
Tradable Job Sectorss:
Manufactured Goods
Farm Products
Raw Materials
Financial
Consulting
Educational
Computing
Nontradable Job Sector:
Government
Health Care
Retailing
Construction
Restaurants
Legal Services
SOURCE: NYTIMES
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