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2. service industries contributed to a growing class. pepe unchain Bnb Eth XRP crypto futures coinbase futures binance futures

Why is the services sector growing so much?

1. Value Added: The services sector produces 79% of U.S. output The services share in value added has grown markedly in the U.S., increasing from 52% in 1950, to 62% in 1980, to 79% in 2020. 1 This growth stems from both an increase in the quantity of services produced and the relative price of services.

What percentage of US jobs are produced by the service-producing sector?

that more than 97 percent of the jobs added to U.S. payrolls from 1990 to 2002 were provided by the service-producing sector. By the beginning of the twenty-first century, services accounted for approximately 70 percent of the national income and 80 percent of the jobs. This long-term shift from manufacturing to service is expected to continue.

How much does the services sector contribute to economic growth?

These six industries now account for more than 33% of the aggregate value added. Figure 1 shows that the services sector accounts for more than two-thirds of economic activity in most advanced economies, with the sector's share rising close to 9 percentage points on average over the past 25 years.

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