May 19, 2017 / 6:35 PM / 2 years ago

Fed's Williams: U.S. economic future in services, not manufacturing

FILE PHOTO: San Francisco Federal Reserve President John Williams speaks to Reuters in San Francisco, California, U.S. on September 27, 2016. REUTERS/Stephen Lam/File Photo

SAN FRANCISCO (Reuters) - San Francisco Federal Reserve Bank President John Williams on Friday told a group of high school students that the future of the U.S. economy is in services, not in manufacturing.

“Right now the U.S. economy is doing OK,” Williams said at El Camino High School in South San Francisco, citing the U.S. unemployment rate at 4.4 percent.

For future growth, he said, the economy will rely increasingly on services, not manufacturing. “There’s this idea that somehow we got to get the jobs back to manufacturing,” he said, adding that work in services like healthcare and education is where U.S. workers excel.

Reporting by Ann Saphir

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