by George Taniwaki
Recent news stories (e.g., Time Mar 2013) say that the job growth is real, even if it is cyclical rather than structural. But as Mr. Yglesias points out in his blog post, growth of manufacturing jobs over the past four years has barely kept pace with the growth in working age adults.
He also takes the longer view and shows St. Louis Federal Reserve Bank Economic Data (FRED) over the past 90 years, to show that the secular trend of falling manufacturing employment is unlikely to stop. Meanwhile, the importance of service jobs in the economy continues to grow.
Anyway, check out his blog post; it is short and has a very nice analysis.