{
  "title": "Economic Tectonics: A Closer Look at Structural Change and Productivity Trends in the U.S. Economy",
  "publication": "IMF Working Papers, August 8, 2025",
  "sourceUrl": "https://www.imf.org/en/publications/wp/issues/2025/08/07/economic-tectonics-a-closer-look-at-structural-change-and-productivity-trends-in-the-u-s-568662",
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  "summary": "The U.S. economy has undergone profound structural transformations in recent decades. This descriptive study analyzes tradable and nontradable sectoral trends, with our findings demonstrating that the share of tradable sector employment and, within it, manufacturing employment, leveled off in the de",
  "sections": [
    {
      "heading": "Key findings: structural change and employment",
      "content": "- The U.S. economy has undergone profound structural transformations in recent decades.\n- The share of tradable sector employment, and within it manufacturing employment, declined for several decades and then leveled off in the decade following the GFC.\n- By 2023, the nontradable sector accounted for a large majority of employment and real value added."
    },
    {
      "heading": "Productivity trends",
      "content": "- The tradable sector exhibited robust productivity growth of nearly 3 percent.\n- Nontradable sectors exhibited far lower productivity growth of 0.7 percent.\n- The marked divergence in productivity growth between tradable and nontradable sectors raises concerns about inequality and the sustainability of economic growth."
    },
    {
      "heading": "Analytical focus and scope",
      "content": "- Descriptive analysis of tradable and nontradable sectoral trends.\n- Emphasis on labor and labor productivity patterns, including direct labor productivity growth and growth contribution by sector.\n- Attention to manufacturing performance within the tradable sector."
    },
    {
      "heading": "Concerns and implications highlighted",
      "content": "- Divergent productivity performance between sectors has implications for inequality.\n- Divergent productivity performance raises concerns about the sustainability of aggregate economic growth.\n\n---\n\n Content in this bundle\n\n- Working Paper\n  - Working Paper (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Working Paper (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\nSource: https://www.imf.org/en/publications/wp/issues/2025/08/07/economic-tectonics-a-closer-look-at-structural-change-and-productivity-trends-in-the-u-s-568662"
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    "Authors: Belinda Azenui, Sandile Hlatshwayo, Michael Spence",
    "Published: August 8, 2025",
    "Series: IMF Working Papers",
    "DOI: https://doi.org/10.5089/9798229018104.001",
    "The U.S. economy has undergone profound structural transformations in recent decades.",
    "The share of tradable sector employment, and within it manufacturing employment, declined for several decades and then leveled off in the decade following the GFC.",
    "By 2023, the nontradable sector accounted for a large majority of employment and real value added.",
    "The tradable sector exhibited robust productivity growth of nearly 3 percent.",
    "Nontradable sectors exhibited far lower productivity growth of 0.7 percent.",
    "The marked divergence in productivity growth between tradable and nontradable sectors raises concerns about inequality and the sustainability of economic growth.",
    "Descriptive analysis of tradable and nontradable sectoral trends.",
    "Emphasis on labor and labor productivity patterns, including direct labor productivity growth and growth contribution by sector.",
    "Attention to manufacturing performance within the tradable sector.",
    "Divergent productivity performance between sectors has implications for inequality.",
    "Divergent productivity performance raises concerns about the sustainability of aggregate economic growth.",
    "**Working Paper**"
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