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? ? ? ? ? ? ? ? ? ? ?
? ? ? ? ? ? ? ? ? ? ?
? {{B}}Importance of Services{{/B}} ? ?The United States has moved
beyond the industrial economy stage to the point where it has become the world’s
first service economy. Almost three-fourths of the nonfarm labor force is
employed in service industries, and over two-thirds of the nation’s gross
national product is accounted for by services. Also, service jobs typically hold
up better during a recession than do jobs in industries producing tangible
goods. ? ?During the 20-year period of 1966 to 1986, about 36
million new jobs were created in the United States--far more than in Japan and
Western Europe combined. About 90 percent of these jobs were in service
industries. During this same time span, some 22 million women joined the labor
force--and 97 percent of these women went to work in the service sector. These
employment trends are expected to continue at least until the year 2000. For the
period 1986- 2000, the Bureau of Labor Statistics predicts that over 21 million
new jobs will be created and 93 percent of them will be in service
industries. ? ?Moreover, most of this explosive growth in services
employment is not in low-paying jobs, contrary to the beliefs of many
economists, business and labor leaders, and politicians. These people argue that
manufacturing jobs, which have been the economic foundation of America’s middle
class, are vanishing. They claim that factory workers are being replaced with a
host of low-wage earners. It is tree that manufacturing jobs have declined, with
many of them going to foreign countries. It is also true that there has been
growth in some low-paying service jobs. Yet cooks and counter people still
represent only 1 percent of the U.S. labor force today. Furthermore, for many
years the fastest-growing occupational category has been "professional,
technical, and related work." These jobs pay well above the average, and most
are in service industries. ? ?About one-half of consumer
expenditures are for the purchase of services. Projections to the year 2000
indicate that services will attract an even larger share of consumer spending. A
drawback of the service economy boom is that the prices of most services have
been going up at a considerably faster rate than the prices of most tangible
products. You are undoubtedly aware of this if you have had your car or TV set
repaired, had your shoes half-soled, or paid a medical bill in recent
years. ? ?When we say that services account for close to one-half
of consumer expenditures, we still grossly understate the economic importance of
services. These figures do not include the vast amounts spent for business
services. By all indications, spending for business services has increased even
more rapidly than spending for consumer
services.
? ? ? ? ? ? ?
? ? ? ? ? ? ? ? ? ? ?
? ? ? ? ? ? ? ? ? ? ?
? {{B}}Importance of Services{{/B}} ? ?The United States has moved
beyond the industrial economy stage to the point where it has become the world’s
first service economy. Almost three-fourths of the nonfarm labor force is
employed in service industries, and over two-thirds of the nation’s gross
national product is accounted for by services. Also, service jobs typically hold
up better during a recession than do jobs in industries producing tangible
goods. ? ?During the 20-year period of 1966 to 1986, about 36
million new jobs were created in the United States--far more than in Japan and
Western Europe combined. About 90 percent of these jobs were in service
industries. During this same time span, some 22 million women joined the labor
force--and 97 percent of these women went to work in the service sector. These
employment trends are expected to continue at least until the year 2000. For the
period 1986- 2000, the Bureau of Labor Statistics predicts that over 21 million
new jobs will be created and 93 percent of them will be in service
industries. ? ?Moreover, most of this explosive growth in services
employment is not in low-paying jobs, contrary to the beliefs of many
economists, business and labor leaders, and politicians. These people argue that
manufacturing jobs, which have been the economic foundation of America’s middle
class, are vanishing. They claim that factory workers are being replaced with a
host of low-wage earners. It is tree that manufacturing jobs have declined, with
many of them going to foreign countries. It is also true that there has been
growth in some low-paying service jobs. Yet cooks and counter people still
represent only 1 percent of the U.S. labor force today. Furthermore, for many
years the fastest-growing occupational category has been "professional,
technical, and related work." These jobs pay well above the average, and most
are in service industries. ? ?About one-half of consumer
expenditures are for the purchase of services. Projections to the year 2000
indicate that services will attract an even larger share of consumer spending. A
drawback of the service economy boom is that the prices of most services have
been going up at a considerably faster rate than the prices of most tangible
products. You are undoubtedly aware of this if you have had your car or TV set
repaired, had your shoes half-soled, or paid a medical bill in recent
years. ? ?When we say that services account for close to one-half
of consumer expenditures, we still grossly understate the economic importance of
services. These figures do not include the vast amounts spent for business
services. By all indications, spending for business services has increased even
more rapidly than spending for consumer
services.
The first paragraph intends to tell us that
A.services are more important than industries producing tangible goods. B.services are important. C.service jobs make more money than other jobs. D.services are more comfortable than other jobs.
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