Report
Productivity in industry, productivity in services and the economy's shift to the service sector
Normally, labour productivity rises faster in industry than in services. The result is a decline in the share of manufacturing employment and an increase in the share of services in the economy. The risk is then a decline in the sophistication of jobs (the economy's shift to the service sector). In recent years, we have seen that: In the United States, manufacturing productivity has been rising less quickly than services productivity since 2011, and the share of manufacturing employment in total employment has stabilised since then; In the euro zone, the same trend has appeared, but only from 2021. We explain the slowdown in productivity gains in industry relative to services by the decline in capital accumulation and the development of technological services .
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Natixis
Based across the world’s leading financial centers, Natixis CIB Research offers an integrated view of the markets. The team provides support to inform Natixis clients’ investment and hedging decisions across all asset classes.
Patrick Artus
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