The Economic Landscape
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Labor force changes

Structural change

The decline of manufacturing’s share of the overall economy is a well-known, decades-long trend. The pace of this decline, however, accelerated markedly in the past 30 years. On the other hand, the financial sector’s share of the overall economy rose very slightly between 1947 and 1979, but has ballooned since.

Both imports and exports continue to grow as important parts of the U.S. economy. This trend really began in the early 1970s and continued through the 1980s and 1990s. Another characteristic feature of the past 30 years has been a consistent (often large) imbalance in trade, with imports exceeding exports by considerable amounts.

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