Top story of the day: manufacturing won’t save the US middle class. It won’t even save China’s. From The Financial Times:
Foxconn, the world’s largest contract electronics manufacturer by revenue, plans to increase the use of robots in its factories 100-fold to 1m within three years, according to Terry Gou, chairman and chief executive.The move underlines the drastic changes China-based manufacturers are forced to make as the country’s unlimited supply of cheap labour is running out.
“This is part of a broad automation push among China-based manufacturers. It signals that the cost of labour is no longer lower than the cost of capital,” said Alvin Kwock, head of hardware technology research at JPMorgan.