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U.S. workers face higher risk of being replaced by robots. Here's why:
Still don't see any positives for our economy as long as the lords that oversee Re-Branded Feudalism are in charge of how the wealth is distributed.The U.S. and U.K. labor markets are both dominated by services jobs, and roughly the same share of workers are employed in key sectors including finance, transportation, education, manufacturing and food services.
But PwC found major differences in the nature of the work done within these sectors that explains why more U.S. jobs are at risk.
Take financial services as an example. In the U.S., 61% of jobs in the sector are at a high risk of being replaced by robots. The same is true for only 32% of finance jobs in the U.K.
John Hawksworth, PwC's chief economist in the U.K., said that many workers in the U.S. financial sector are focused on domestic retail operations -- think bank tellers in small towns.
The U.K.'s finance sector, meanwhile, is much more focused on international finance and investment banking -- functions that require significantly higher levels of education and expertise.
Workers at risk in the U.S. "would be doing more routine tasks that are easier to automate than that of, say, an investment banker in London," Hawksworth said.
But PwC found major differences in the nature of the work done within these sectors that explains why more U.S. jobs are at risk.
Take financial services as an example. In the U.S., 61% of jobs in the sector are at a high risk of being replaced by robots. The same is true for only 32% of finance jobs in the U.K.
John Hawksworth, PwC's chief economist in the U.K., said that many workers in the U.S. financial sector are focused on domestic retail operations -- think bank tellers in small towns.
The U.K.'s finance sector, meanwhile, is much more focused on international finance and investment banking -- functions that require significantly higher levels of education and expertise.
Workers at risk in the U.S. "would be doing more routine tasks that are easier to automate than that of, say, an investment banker in London," Hawksworth said.
