The U.S. entered the ninth year of economic expansion on a familiar path of steady but unspectacular growth, with few obvious indications it is near exhausting itself. Gross domestic product, a broad measure of goods and services produced in the U.S., rose at a 2.6% annual rate in the April to June period, the Commerce Department said Friday. Figures are adjusted for inflation and seasonality.
Apple today has only one plant of its own—in Cork, Ireland. Its contract manufacturers operate two small U.S. plants, in Austin, Texas and Fremont, Calif. Those facilities have never grown beyond their narrow role making Apple’s Mac Pro computer, a niche product that sells for $3,000 or more.
. . . Apple last opened manufacturing facilities for computers in the 1990s with plants in Fountain, Colo. and Elk Grove, Calif. It shut down its last U.S. manufacturing line in 2004, laying off 235 full-time workers in Elk Grove.
In theory, the high-wage jobs of the technology industry could be filled by people working anywhere. But in practice, the best tech jobs in the U.S., offering salaries in excess of $100,000 a year, are becoming increasingly concentrated in the metropolitan areas of just eight cities, according to new research. The eight leading U.S. tech hubs account for slightly less than 10% of U.S. jobs and about 13% of overall job postings. But the cities — Seattle, San Francisco, San Jose, Austin, Raleigh, Washington, Baltimore and Boston — account for more than 27% of the listings for U.S. tech jobs, research from Jed Kolko, the chief economist of the job-search website Indeed, shows.
At a time when politicians and pundits decry the end of middle-class jobs, it may come as a surprise that there are 30 million jobs paying more than $35,000 a year for U.S. workers without four-year college degrees. Now for the bad news: there are 75 million U.S. workers without college diplomas, or 2.5 workers for every one of those good jobs, meaning that high-school grads have far lower odds of winning the career lottery than they did 25 years ago, according to a new report from Georgetown University’s Center on Education and the Workforce. . . The number of good jobs for noncollege graduates rose to 30 million in 2015 from 27 million in 1991, but the labor market grew, too. By 2015, the share of all good jobs that went to noncollege graduates fell to 45% from 60% in 1991—leaving 45 million workers in low-paying, sometimes part-time roles that don’t offer a path to the middle class.
Drilling down, the paper found the law drove people to make different choices about work. “Middle-income individuals reduced their labor supply due to the additional tax on earnings while lower income individuals worked more in order to qualify for private insurance,” the authors wrote. “In the aggregate, these countervailing effects approximately balance” in terms of their impact on overall participation rates.