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For decades, the pace of technological change in manufacturing has outstripped that in the economy as a whole. And, so, firms - manufacturing firms - have found it easier to continue producing by - with - reducing their workforces.
Janet Yellen
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Interpretation

What this quote means

Technological advances in manufacturing have outpaced overall economic growth, leading firms to reduce their workforce.

Janet Yellen's quote highlights a significant trend in the manufacturing sector where rapid technological innovation has resulted in increased efficiency and productivity. This progress, however, often comes at the cost of employment, as firms find it more feasible to automate processes and reduce their workforce rather than hire more workers, ultimately reflecting the challenges faced in the broader economic landscape influenced by such advancements.

Themes

TechnologyManufacturingWorkforceInnovationEconomy

In practice

Example use cases

During a conference on the future of work, this quote can be used to illustrate the impact of automation.

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