We suspect you’ve seen a version of the following chart, which illustrates the secular decline in manufacturing and the rise of finance, insurance, and real estate (FIRE) in proportion to U.S. GDP. We’ve added a few years to the data series to give a better historical perspective of what’s taken place in the U.S. economy over the past 60 years. Note the crossover in 1986 and depending on where you sit it was either the Death Cross or the
Golden Goldman Cross.
(click here if chart is not observable)