The iPhone Economy

The iPhone Economy

"A look at the largest employers shows how America’s economy has changed. Over the last 50 years, the country has shifted from creating goods to providing services. Today, about a tenth of Americans work in manufacturing, while service providers and retailers like Walmart and temp firms like Kelly Services employ about six in seven of the nation’s workers."

Back in 1960, when America's shoulders were huge from manufacturing, you thought GM, Ford, US Steel, Ma Bell and GE were huge, right? Added together, they employed nearly two million workers back then. That still sounds like a lot, doesn't it? Well, sir, today's Walmart employs more than that!

Houston is America's fourth-largest city. Its population is just about the same as the size of Walmart's work force!

In terms of annual sales, Wal*Mart is a bit above $400 billion dollars per year. That is approximately equal to the annual GDP of Austria.