The decline of US manufacturing employment (from ~30% of non-farm jobs in 1950 to ~8% today) reflects a universal developmental pattern—economies peaking near $40,000 per-capita GDP then shifting from manufacturing to services—rather than unfair foreign trade practices, evidenced by ~400,000 unfilled US manufacturing job openings.

causalpending

Speaker

Howard Marks

Evidence Quote

only 8% of our non-farm jobs are in manufacturing today, down from about 30% in 1950.

Source

More on Repealing the Laws of EconomicsOaktree Capital
Created: 6/18/2026, 2:18:14 PM

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