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Manufacturing vs services; will one hobble the '91 economy? (related articles)
MANUFACTURING vs SERVICES
WILL ONE HOBBLE THE '91 ECONOMY?
One common theme emerges when you ask executives in Northeast Ohio what they expect in 1991. They expect business here to be better than in other parts of the country.
Bank executives, for example, will be focusing inward. Earnings aren't great and stock prices are low.
Retail sales in Northeast Ohio have remained suprisingly steady, despite what's happened elsewhere. Our relative strengths may be because of Cleveland's growing service industry orientation. Manufacturing now employs barely 22 percent of Cleveland's workers, compared with 36 percent two decades ago.
Yet manufacturers aren't expecting a bad year, either. Just flat. It's even possible that industry has slimmed down and cut costs so much that it is in much better shape to deal with a downturn than in the past.
Does that mean this will be a service recession? After all, even as "recession-proof" a field as health care is cutting costs and staff to rein in runaway prices.
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