"Major employment problems in the near future are a near certainty." That's one of the conclusions of a March report co-authored by Nobel-Prize winning economist Michael Spence. Spence, the author of a new book, The New Convergence: The Future of Economic Growth in a Multispeed World, says the U.S. is grappling with a multispeed domestic labor market.
A study he conducted for the Council on Foreign Relations with co-author Sandile Hlatshwayo, entitled "The Evolving Structure of the American Economy and the Employment Challenge", paints a pretty bleak picture. It broke down jobs in the U.S. into two very large sectors: tradable and non-tradable. Tradable jobs are ones that can be done by anyone around the world: manufacturing, back-office operations, pharmaceuticals, engineering, finance, consulting. Non-tradable jobs are those that really can only be done by people in the U.S., such as retail, health care, food service, government, and construction.
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