Industrial organizations and industries are losing their ability to predict, manage, and adapt to technological change, according to new research from the University of Illinois.
A report by the National Bureau of Economic Research released Wednesday said automation threatens an estimated 4 million jobs, including 1.4 million in manufacturing, and has created a glut of labor that threatens to create a “lost middle class.”
Industrial organizations are increasingly vulnerable to technological disruption, the report said, adding that these disruptions threaten to reduce their ability and ability to adapt to changing technological and business conditions.
In a report titled “The Great Convergence,” the University’s Mark Zandi said automation is the new normal, but the U.S. has yet to adapt.
“We don’t have enough jobs to make up for lost productivity in many industries,” Zandi wrote.
“The jobs lost are mostly in the service sectors, manufacturing and construction.”
The report said there is a growing gap between the jobs that people need and the jobs they have available, leading to an oversupply of the supply.
Jobs lost in the last 20 years or so have gone to those in low-skill, low-wage industries that have lost out in economic productivity, such as manufacturing, the U of I’s Zandi reported.
The U.K.’s John Hawksbridge said the rise of automation is putting the U,S.
and the world at risk.
“This is a problem that’s happening everywhere in the world,” Hawksbridge told The Associated Press.
“We’re seeing this globally, and it’s happening in the U.’s industrial sector, too.”
Hawksbridge, the co-founder of Zandi’s firm, said that many U.A.E. jobs could disappear from the economy as the impact of automation grows.
In some sectors, such information technology is particularly vulnerable, as the jobs are in areas of high demand and the skills are used in sectors with low demand.
The report also highlighted the growing gap in the skills required to run industrial organizations, which has led to fewer workers being able to learn and apply new technology.
“The U of A is a pretty good example of this,” Hawksbridgesaid.
“As technology has advanced, there’s been a massive loss of human capacity, a loss of the ability to learn from experience, and that’s leading to a workforce that’s just not well-trained.”
The U-Mass-Amherst economist said many industries in the United States, such a financial services, health care and retail sectors, have seen significant job losses over the past 20 years, with the number of workers needed to keep the industry going shrinking.
The report noted that the U-A.
is home to many U-M students, but also that many other schools are being targeted for automation.
“If there’s not enough students, they may not be able to keep them,” Zanda said.
“That means fewer jobs, which is bad for business.”
The report also found that the majority of jobs lost in manufacturing are in low wage sectors, but many industries that rely on high wages are also at risk of losing them.
“Low wage jobs are less vulnerable than high wage jobs,” the report found.
“Manufacturing, in particular, is the industry that we have the most to lose,” Zandan said.
The U.W.’s Andrew Miller said automation will have an impact on his industry.
“In my day job, I used to get paid $14 an hour, and then I got a job,” he said.
Miller is an associate professor of management at the UW.
“Now, they’ll pay $12 an hour,” he added.
Miller said he’s worried that automation will hurt workers, and said that his industry could face the loss of its ability to offer decent wages and benefits.
“It’s going to put a lot of people out of work.”
Zandi said that there is an urgency to developing better skills for manufacturing, which can be done through programs that offer training in robotics, digital technology, robotics, manufacturing, computer systems, data analysis, manufacturing operations, robotics and more.
“But in the end, that’s not going to help manufacturing,” Zandisaid.
The National Bureau’s report also warned that the impact will be felt across the economy, with many sectors of the economy that rely heavily on automation facing the loss in jobs.
“Automation is impacting every sector, from agriculture to transportation, from manufacturing to the service sector,” Zaida said.