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Labor Market Trends

Labor Market Trends. OBJECTIVE: In this lesson, students will be able to identify historical and recent trends affecting the labor market. At its founding, the United States was a nation of farmers. With the coming of the Industrial Revolution, many Americans became factory workers.

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Labor Market Trends

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  1. Labor Market Trends OBJECTIVE: In this lesson, students will be able to identify historical and recent trends affecting the labor market. Helf/E. Napp

  2. At its founding, the United States was a nation of farmers. E. Napp

  3. With the coming of the Industrial Revolution, many Americans became factory workers. E. Napp

  4. Changes to US Labor Force • American Revolution: Mostly Agriculture • Industrial Revolution: Mostly Manufacturing • 1950-2000: • PERCENT OF WOMEN IN THE LABOR FORCE HAS INCREASED FROM <30% TO >45% • The labor market is continually changing. Helf

  5. Computers revolutionized work and the workplace. The production of services has increased while manufacturing has decreased. E. Napp

  6. TECHNOLOGY REVOLUTION • COMPUTERS ARE USED BY >80% OF MANAGEMENT AND ~30% OF UNSKILLED LABOR • PROCESSING DATA OVERTAKING MANUFACTURING IN IMPORTANCE • Changes in technology makes location less important Helf

  7. Globalization • OUTSOURCING VS INSOURCING: LEAVING US VS “COMING TO AMERICA” • Manufacturing cheaper in other countries • Why make factories in the US? E. Napp

  8. Other Changes • There has also been a rise in temporary employment. • Telecommuting: Working from home via Computer. • Moving from “Career” to a series of jobs • Number of job changes increasing. Helf

  9. Theories Concerning Education • There are two theories as to why educated workers make more money. • The Learning effect states that education increases productivity. • The Screening effect states that completing college indicates intelligence. E. Napp

  10. Theories Concerning Education • There are two theories as to why educated workers make more money. • The Learning effect states that education increases productivity. • The Screening effect states that completing college indicates intelligence drive and persistence. E. Napp

  11. Theories Concerning Education Helf

  12. Does completing college increase productivity or reveal intelligence? E. Napp

  13. Questions for Reflection: • How has the labor market changed over the course of time? • Why do more women work? • What is an advantage and a disadvantage of contingent employment? • How does the learning effect differ from the screening affect? • Why has manufacturing decreased and the production of services increased? E. Napp

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