You may have heard of the fourth Industrial Revolution, but what exactly is it? It's definitely a topic that has been talked about over the past few years but gained even more prominence after it became a focal point of conversation at the recent World Economic Forum. The first Industrial Revolution was characterized by steam and water. The second Industrial Revolution was the introduction of electricity to mass produce things. The third is characterized by the internet, communication technologies, and the digitalization of everything. The fourth Industrial Revolution is the concept of blurring the real world with the technological world.
In an era marked by rapid advances in automation and artificial intelligence, new research assesses the jobs lost and jobs gained under different scenarios through 2030.
The technology-driven world in which we live is a world filled with promise but also challenges. Cars that drive themselves, machines that read X-rays, and algorithms that respond to customer-service inquiries are all manifestations of powerful new forms of automation. Yet even as these technologies increase productivity and improve our lives, their use will substitute for some work activities humans currently perform—a development that has sparked much public concern.
Building on January 2017 report on automation, McKinsey Global Institute’s latest report, Jobs lost, jobs gained: Workforce transitions in a time of automation (PDF–5MB), assesses the number and types of jobs that might be created under different scenarios through 2030 and compares that to the jobs that could be lost to automation.
The results reveal a rich mosaic of potential shifts in occupations in the years ahead, with important implications for workforce skills and wages. Our key finding is that while there may be enough work to maintain full employment to 2030 under most scenarios, the transitions will be very challenging—matching or even exceeding the scale of shifts out of agriculture and manufacturing we have seen in the past.
The largest generation in the U.S. is taking its place in manufacturing -- and the experts are betting this tech-savvy cohort is ready to stir things up.
The manufacturing sector has shown some growth over the past few years. Since 2011, the sector has created jobs every year, a 6-year expansion that exceeds the 5-year expansion experienced 1994-1998, according to a new report from consulting firm Headlight Data. The report showed that the industry has created nearly 500,000 new jobs in the last 6 years.
Wal-Mart Stores Inc (WMT.N) on Wednesday proposed 10 policy actions to boost U.S. manufacturing that the retailer said could help recapture $300 billion of the $650 billion worth of consumer goods that are currently imported.
"The American public’s perception of manufacturing may be at an inflection point. The good news is manufacturing clearly matters to many Americans, with the vast majority viewing U.S. manufacturing as crucial to America’s economic prosperity, standard of living, and national security," said a new report.
Maty Stockman, Jocelyn Tuua and Jassmin Peek watch a laser printer at work last month aboard the mobile Sinquefield Invention Lab at Cedar Hill Elementary. The Boy Scouts of America Great Rivers Council recently opened a permanent version of the lab at the Lake of the Ozarks Scout Reservation. Photo by Julie Smith /News Tribune.
The Invention Lab houses laptop computers; 3-D printers; laser engravers; programmable cutters of materials like wood, composites, metals, plastic and foams; embroidery machines; Scan-n-Cut machines to cut out designs on pieces of fabric; simple electrical circuit-building parts called littleBits; soldering equipment; and a program building featuring wood-working tools and materials.