Long Robots, Short Human Beings Manufacturing output grows because of technology, not wage work 20 1.75 8 1.50 1.25 16 1.00 Millions14 0.75 0.50 12 0.25 10 ’73 ’76 ’79 ’82 ’85 ’88 ’91 ’94 ’97 ’00 ’03 ’06 ’09 ’12 ’15 0 Global Industrial Robots U.S. Manufacturing Jobs Source: BofA Merrill Lynch Global Investment Strategy, IFR, Bloomberg. 25