As we go into the peak shopping season of the year, economic indicators on production, producer prices, and so on suggest continue uncertainty. Consumer goods manufacturers generally build inventory in anticipation of the season. This is not happening. In fact, the numbers indicate continued economic malaise. In this one hour segment on the local NPR station, WYPR, I discuss the implications of producer indicators, housing sales, and employment growth in Maryland.
We have been in a fifteen year transition in which the sources of value creation are shifting to services, healthcare, biosciences, and information technology. The shape of the economy to come is unclear. However, there are some things we can do to firewall ourselves against the inevitable fallouts from this transition. Get (re)educated and (re)trained. Lower expectations for job security. Increase expectations for job mobility. Take greater personal responsibility for career managment. The prize in this race will not necessarily go to the most hardworking but the most adaptive.