Labor Market Trends
The U.S. workforce has undergone dramatic changes since World War II. The share of workers employed in the goods-producing sector has steadily declined, from 40% in 1950 to 21% in 1993. The shifts between manufacturing (the most cyclically sensitive industry in the goods-producing sector) and services have been most pronounced.
Suggested citation: “Labor Market Trends,” Federal Reserve Bank of Cleveland, Economic Trends, no. 96-01, pp. 13, 01.01.1996.