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September 21, 2015
Innovation, Technology and Jobs
Presented by:
Jack Ablin, CFA Chief Investment Officer BMO Private Bank 312-461-7756
1 Innovation, Technology and Jobs
Innovation in America
1790 The Cotton Gin 1879 The Light Bulb 1850 The Steam Engine
1920 The Assembly Line 1958 The Integrated Circuit 2007 The Smart Phone
2 Innovation, Technology and Jobs
Jobs in America
3 Innovation, Technology and Jobs
American Lifestyles
4 Innovation, Technology and Jobs
Components of the U.S. Workforce
5 Innovation, Technology and Jobs
Innovation, Technology and Jobs
6 Innovation, Technology and Jobs
$ Va
lue
Productivity
Ideas
Skills
Inflation
7 Innovation, Technology and Jobs
Innovation, Technology and Jobs
8 Innovation, Technology and Jobs
Innovation, Technology and Jobs
Over the last twelve months, employers
required a bachelor’s degree for most net new
jobs created.
9 Innovation, Technology and Jobs
10 Innovation, Technology and Jobs
11 Innovation, Technology and Jobs
The demand for talent remains strong.
12 Innovation, Technology and Jobs
13 Innovation, Technology and Jobs
1838 1995
J.K. Rowling Charles Dickens
Value of Ideas
14 Innovation, Technology and Jobs
Value of Ideas
15 Innovation, Technology and Jobs
Value of Ideas
Ideas are great. Adoption rates
have accelerated making them
more valuable.
16 Innovation, Technology and Jobs
As a share of GDP, corporate profits are rising
while compensation is
falling.
Capital versus Income
17 Innovation, Technology and Jobs
Growth of capital, fueled by
ideas, has far outpaced income
growth.
Capital versus Income
18 Innovation, Technology and Jobs
Innovation
The driverless car promises to propel
a nation of vehicles safely.
19 Innovation, Technology and Jobs
Innovation
At last count, nearly two million Americans drive
for a living.
20 Innovation, Technology and Jobs
Public Policy Implications
• Inflation • Immigration • Education and Training
21 Innovation, Technology and Jobs
Public Policy Implications
22 Innovation, Technology and Jobs
Public Policy Implications
23 Innovation, Technology and Jobs
Public Policy Implications
The Fed is trying to raise
inflation expectations
24 Innovation, Technology and Jobs
Public Policy Implications
Current Proposals could
substantially increase targeted
Immigration
25 Innovation, Technology and Jobs
Public Policy Implications
H1B visa recipients fill a void in highly-skilled
positions.
26 Innovation, Technology and Jobs
Public Policy Implications
H-1B employees are highly skilled
workers
27 Innovation, Technology and Jobs
Public Policy Implications
Source: “New American,” The Partnership for a New American Economy
42% of America’s Fortune 500
Companies were Founded by 1st or
2nd Generation Immigrants
28 Innovation, Technology and Jobs
Public Policy Implications
Online education is growing rapidly
as students gradually embrace
it.
29 Innovation, Technology and Jobs
Public Policy Implications
30 Innovation, Technology and Jobs
Public Policy Implications
Countries that don’t rely on
natural resources for growth must instead rely on brain power.
31 Innovation, Technology and Jobs
Public Policy Implications
Cheap Capital
Government Recipe for Productivity
Governments don’t create growth. They create the environment for growth.
32 Innovation, Technology and Jobs
Disclosure
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This is not intended to serve as a complete analysis of every material fact regarding any company, industry or security. The opinions expressed here reflect our judgment at this date and are subject to change. Information has been obtained from sources we consider to be reliable, but we cannot guarantee the accuracy. This publication is prepared for general information only. This material does not constitute investment advice and is not intended as an endorsement of any specific investment. It does not have regard to the specific investment objectives, financial situation and the particular needs of any specific person who may receive this report. Investors should seek advice regarding the appropriateness of investing in any securities or investment strategies discussed or recommended in this report and should understand that statements regarding future prospects may not be realized. Investment involves risk. Market conditions and trends will fluctuate. The value of an investment as well as income associated with investments may rise or fall. Accordingly, investors may receive back less than originally invested. Investments cannot be made in an index. Past performance is not necessarily a guide to future performance. BMO Global Asset Management is the brand name for various affiliated entities of BMO Financial Group that provide trust, custody, securities lending, investment management, and retirement plan services. Certain of the products and services offered under the brand name BMO Global Asset Management are designed specifically for various categories of investors in a number of different countries and regions. Products and services are only offered to such investors in those countries and regions in accordance with applicable laws and regulations. BMO Financial Group is a service mark of Bank of Montreal (BMO). Investment products are: Not FDIC Insured – No Bank Guarantee – May Lose Value. ©2013 BMO Financial Corp.