A 2014 working paper from the World Bank made the case that the old growth escalator in manufacturing was already giving way to a new one in service industries, which can range from taxi rides, haircuts, and restaurant meals to medical care.4 The report argued, in this hopeful vein, that while manufacturing is in retreat as a share of the global economy and is producing fewer jobs, services are still growing, contributing more to growth in output and jobs for nations rich and poor.
