Despite the hysteria over global warming and Presidential impeachment, the US economy keeps chugging along and now has the lowest U-3 unemployment rate since 1969.
While the Dow rose more than 200 points on the employment news …
the US Treasury yield curve actually steepened in the very short end (but still lower than on October 1st).
Two of the top three industries for jobs added are 1) education and health, and 3) government. Leisure and hospitality (bartenders and waitstaff) are in 4th place.
The good news about bartending is that it is difficult to be replaced by technology. Waitstaff can be replaced, just ask the waitstaff at The Olive Garden and numerous fast food restaurants. Education can also be replaced by technology (Northwestern and MIT are two high profile universities offering on-line certificate programs). Healthcare is already being rocked by technology.
So, let’s see how US unemployment and jobs added changes over time with growing technology disruption.
Author Kurt Vonnegut predicted this automated dystopia in 1952 in his novel “Player Piano.”
An automated burger machine!