By the year 2018, the manufacturing industry will lose 1.2 million jobs, the mining and oil/gas extraction industry will lose another 104,000 jobs and utility companies will lose 59,000 jobs, according to the Bureau of Labor Statistics (BLS).
But outsourcing and foreign competition aren't the only reasons for shrinking industries. The needs of our economy have changed in recent years while companies have become leaner and meaner in order to survive.
And though these cuts and shifts have been painful for millions in the past and present, they are making our country more competitive for the future.
[There are certain companies that are experts at surviving, even thriving, in market downturns. These are the kinds of stocks you want to hold "forever."
Dramatic advancements in technology have more than doubled the output per worker since 1970. Our manufacturing industry has progressed from making simple household appliances, cars and textiles to producing cutting-edge medical technologies, life-saving medicines and light-speed computer processors with worldwide demand.
But as any nation's economy moves forward, the demise of older industries and professions causes hardship for many who consider themselves solidly in the middle-class. It may seem crazy, but thousands and thousands of Americans have even turned to dumpster diving to save money. Read more........