Basicamente nos viene a decir que en todos los mercados alcistas se crean muchos trabajos alrededor de las finanzas, en este caso no es cierto ye s debido a la automatizacion.. Podemos ver excepciones como fintech y investment advice, este ultimo debido a los bajos tipos de interes y a que es dificil encontrar rentabilidad.
A Bull Market That Creates Few Jobs in Finance
The big difference this time is technology and automation.
Bloomberg, June 23, 2017
Let's start with the outliers: the largest job declines were among "savings institutions," with a drop of 43 percent; the biggest gainer was "investment advice,” with a 42 percent gain.
If I had to guess, job losses at savings institutions were a result of automation and technology. But one must also surmise that a decade of zero percent interest rates is pressuring customers to look elsewhere to park their money.
I was more surprised at the gains in investment advice -- not so much the direction, but the magnitude. I would guess that the underlying reasons for this big increase can be traced to three forces. First, after the financial crisis, more people decided they were better off having a professional to speak to, hold their hand and otherwise assist in financial decisions. Second, there has been a general shift toward the registered investment adviser and away from the broker-dealer. Third, the move to passive indexing tends to favor asset allocators, who I believe are included in this category.
Another surprising loser was "monetary authorities and central banks." For all of the activity by the Federal Reserve during and after the financial crisis, employment declined 5 percent. Here again, we might be able to lay off some of this on technology and automation.
"Commercial banking" also had a decline, though at 3 percent it's almost a rounding error.
"Credit card issuing" is actually pretty surprising, with a 20 percent decline, despite more Americans than ever charging it. Again, I have to think automation is a big factor.
And yet there's "financial transaction processing and clearing," with a 21 percent gain. That’s big, considering the decrease in bond trading and the general shift toward passive index investing. On the other hand, I imagine there has been a big increase in fintech, which hardly existed a decade ago and still isn't an employment subcategory in the BLS data.