Mish's Global Economic Trend Analysis |
The Most Common Job in 29 States to Nearly Vanish in 10 Years; Know What That Job Is? Posted: 21 Jun 2015 07:38 PM PDT The NPR claims the most common job in 29 of 50 US states is truck driving. This seems a bit overboard, and depends on how jobs are categorized, but here is the chart. The above chart from NPR "Planet Money" report that says ... We used data from the Census Bureau, which has two catch-all categories: "managers not elsewhere classified" and "salespersons not elsewhere classified." Because those categories are broad and vague to the point of meaninglessness, we excluded them from our map.Self-Driving Trucks Will Hit Us Like Ton of Bricks Please consider Self-Driving Trucks Are Going to Hit Us Like a Human-Driven Truck. It should be clear at a glance just how dependent the American economy is on truck drivers. According to the American Trucker Association, there are 3.5 million professional truck drivers in the US, and an additional 5.2 million people employed within the truck-driving industry who don't drive the trucks. That's 8.7 million trucking-related jobs.I think the the timeline is off a bit in two ways.
At $40,000 a year, the incentive to replace truck drivers with software is massive. And it will happen. Not only that, but insurance costs will drop. Most truck accidents are caused by user error: Driving too fast, driving while tired, driving intoxicated, etc. Robots don't drink, don't get tired, won't drive unsafe to get to a destination faster, etc. My initial vision is that drivers may still be needed for inner-city driving (at least initially), but most long-haul operations will quickly vanish as soon as licensing is complete in most of the states. What About Taxis, Uber? Taxi and limo driving jobs will also vanish. Travis Kalanick, the CEO and founder of Uber, said at a conference last year that he'd replace human Uber drivers with a fleet of self-driving cars in a second. "You're not just paying for the car — you're paying for the other dude in the car," he said. "When there's no other dude in the car, the cost of taking an Uber anywhere becomes cheaper than owning a vehicle." That, he said, will "bring the cost below the cost of ownership for everybody, and then car ownership goes away."People keep emailing me about insurance. Many believe the cost of insurance will skyrocket. I believe accident rates will plunge, and insurance costs with it. So what happens to a lot of insurance salesmen? Claims investigators? As for car ownership, those who live in cities and seldom leave their city will have a huge incentive to dump their car. That too is a massive disruption. Think of the manufacturing jobs that will vanish. Then again, cars will be nearly entirely robot-made, so those jobs will have already vanished. Mike "Mish" Shedlock http://globaleconomicanalysis.blogspot.com |
Posted: 21 Jun 2015 05:39 AM PDT Parties on both sides still talk as if a deal over Greece is possible, but how realistic is that? And yesterday, the ECB voted to continue ELA, but did so with an amount less than Greece requested. Last Minute Phone Talks This morning, Reuters reported EU's Juncker, Greek PM Tspiras Hold Telephone Talks. European Commission President Jean-Claude Juncker spoke to Greek Prime Minister Alexis Tsipras on Saturday and will speak again on Sunday to seek a solution to Athens' debt crisis, an EU official said on condition of anonymity.Tomorrow, eurozone officials hold an emergency meeting to discuss Greece. However, France and Germany Insist Greece Needs to Table Offer Today. France and Germany have told Greece it must have an agreement on economic reform measures with the trio of bailout monitors finalised and delivered before a crucial leaders' summit between Athens and its creditors on Monday.By stating willingness to discuss debt relief and restructuring, while Greece offered little, it should be clear which side is willing to bend more. However, Merkel's hands may be politically tied. A majority of Germans now favor Greece leaving the eurozone. Those still expecting Merkel to cave may be in for shock therapy tomorrow. It is Yanis Varoufakis, Greece's finance minister, who signaled goodbye intentions stating Greece would not take on more debt, with both France and Germany talking about a third bailout. This dance has gone on far too long already. A goodbye kiss is long overdue. Mike "Mish" Shedlock http://globaleconomicanalysis.blogspot.com |
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