Bringing the Economy Home

What We’re Reading: The Impact Of Technology On Jobs, Salaries For College Grads Increase

Daniel Acker / Bloomberg via Getty Images

A robotic arm picks up prop shafts during final inspection at the Mennie Machine Co. in Mark, Illinois.

The Associated Press started rolling out a three-part series this week on jobs and the impact the recession and technology have had on workers around the globe. Here’s an excerpt:

Five years after the start of the Great Recession, the toll is terrifyingly clear: Millions of middle-class jobs have been lost in developed countries the world over.

And the situation is even worse than it appears.

Most of the jobs will never return, and millions more are likely to vanish as well, say experts who study the labor market. What’s more, these jobs aren’t just being lost to China and other developing countries, and they aren’t just factory work. Increasingly, jobs are disappearing in the service sector, home to two-thirds of all workers.

They’re being obliterated by technology. – The Associated Press

You can read the full report here.
Along the same lines, ’60 Minutes’ aired a piece last week on how changing technology has affected jobs. It’s well worth the 13 minutes it takes to watch.
And here’s a spot of good news from the Wall Street Journal: starting salaries for college graduates are on the rise.

It’s not just M.B.A.s who are benefiting from a thawing employment market: Starting salaries for graduates of the class of 2012 have reached $44,455, a 3.4% rise over beginning salaries for college grads in 2011.

Engineering grads are earning the highest salaries, with newly-minted computer engineers topping the list at $70,400 right out of school, the National Association of Colleges and Employers reported in its just-released Salary Survey, a poll the organization conducts three times a year. –

You can read the full story here.


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