State economy compresses, contradicts
Are we flush or are we in trouble?
Yes.
You can tell I’ve been talking with economists.
Let me synopsize what I have gleaned: These layoffs, while ominous for manufacturing and the state’s rural economy, are part of a pre-existing process by which Arkansas’ jobs, like those of the nation as a whole, are being transformed from predominately manufacturing to service.
Arkansas’ economy has thus far withstood any weakening effects during this transformation because, at least until lately, most of the manufacturing losses were entry-level and lower-wage. Meanwhile, general business activity and the service sector employment it sustains - in such fields as finance, insurance, telecommunications, wholesale trade and retail trade - have boomed.
Posted on December 7th, 2006 by George Sand
Posted in National Politics. | EMail This Post
Write a comment