Word: shifts
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Dates: during 2000-2009
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...Boyer, the original hacker journalist, prefers to put it differently, likening the paradigm shift to the old adage that if you can't beat 'em, join 'em. "If the source of the tumult in the news business is technology," he says, "then journalism needs more nerds...
...years, though, the China equation got unbalanced. First came a spike in shipping costs that led manufacturers in the West to take a closer look at all the costs - time to market, quality control, etc. - of stringing their supply chains across oceans. While shipping rates have since subsided, the shift in mind-set among executives has stuck, says John Ferreira, head of the manufacturing practice at Archstone Consulting. No longer is there a herd mentality pushing them to China and other faraway places, he says. When Ferreira surveyed U.S. and European manufacturing execs late last year, almost 90% said they...
...would think because of what went on in the financial-services sector - making this recession a million times worse than it had to be - that we might have seen more of an employment shift," says Heidi Shierholz, an economist at the Economic Policy Institute. "Yet the job loss in manufacturing dwarfs what is going on in financial services...
Still, many expected things to be different this time. The bursting of the housing bubble so soon after the tech-stock wreck was supposed to show the excess and folly of the financial-services industry. Many predicted a massive shift in workers away from dollar-crunching into the more real parts of the economy. The best and the brightest would no longer head straight to Wall Street. (See 10 perfect jobs for the recession...
...that shift hasn't happened. At the end of May, just over 7% of the nation's workforce was employed in the financial-services business, unchanged from December 2007, when the downturn started. In all, the government said the economy lost 345,000 jobs in May - a significant improvement from April, when employment fell by just over 500,000. The banking and insurance businesses, though, accounted for only about 5% of May's losses, or 19,500 jobs...