Not where it matters. China has a much larger under-employed population base than the US has. They still have a few hundred million peasant farmers whose children can and are getting educated and moving to the city. Their pool of labour is growing while the US's is stagnant.
Not that it needs to grow -- over the last decade or so China's factory employment has been relatively constant while output has surged dramatically. Their factories are rapidly automating.
The US labor pool is far from stagnant thanks to immigration, though Trump is trying to screw that up as well.
And those children will be burdened with caring for their elderly parents, often alone, continuing to keep internal consumption low. They are automating and moving up the supply chain, but have a long, long way to go as a nation.
We don't need "peasant farmers" to educate, we need AIs to program!8-))
The race between manual labor and machine labor is heating up anew. We don't yet have humanoid robots but they're on the design table, so it may be time to fasten your seat belt.
> We don't yet have humanoid robots but they're on the design table, so it may be time to fasten your seat belt.
Right ... so about that, here's Morgan Stanley's report on humanoid robots from a couple months ago:
Investors will notice that 73% of the companies confirmed to be involved in humanoids and 77% of integrators are based out of Asia (56%/45% out of China, respectively). A common refrain we hear from investors is the lack of Western firms to add to their humanoid portfolio outside of TSLA and NVDA. In our view, this is important information in and of itself as it represents the reality of the current humanoid ecosystem which we expect may need to change materially over time (see the West's current experience with EVs which has significant supply chain overlap with humanoids). Our research suggests China continues to show the most impressive progress in humanoid robotics where startups are benefitting from established supply chains, local adoption opportunities, and strong degrees of national government support.
Not where it matters. China has a much larger under-employed population base than the US has. They still have a few hundred million peasant farmers whose children can and are getting educated and moving to the city. Their pool of labour is growing while the US's is stagnant.
Not that it needs to grow -- over the last decade or so China's factory employment has been relatively constant while output has surged dramatically. Their factories are rapidly automating.