PLAINS TWP. — Robots will not replace us at work, but they could shake things up in the labor market.

That according to Wilmington Trust Economist Rhea Thomas, who gave a presentation at Thursday’s Greater Wilkes-Barre Chamber of Commerce 2020 Capital Markets Forecast Breakfast.

The event, presented by Wilmington Trust and M&T Bank. was held at the Holiday Inn Wilkes-Barre.

Thomas’ presentation — “Market Tug of War: The Interplay of Productivity, Populism, and Portfolios” — shared insights on the economy, the outlook for capital markets, and how to become a smart investor.

But the future projections of the workforce and what jobs will be around and what might be lost to automation, intrigued the 55 in attendance.

According to Thomas, the occupations with the largest projected gains/declines between 2018 and 2028 are:

Declines

• Accounting, administration, tellers

• Retail sales, cashiers

• Assemblers

• Inspectors and testers

• Mail carriers

Gains

• Nurses, personal care and medical assistant

• Cooks and servers

• Software developers

• Operations managers

• Janitors

Wico Van Genderen, President/Chief Executive Officer at the Greater Wilkes-Barre Chamber, said Thomas provided a thought provoking presentation in the “Tug of War of productivity, populism and portfolio” and how it inter-plays in our economy.

“Translating it into our NEPA economic outlook would suggest that we are in good shape, as we have a high degree of industry segment diversity with Eds, Meds, Services, Manufacturing and Logistics,” Van Genderen said. “We are also in a much better place in our unemployment rate than we were five years ago when it was over 11%.

Van Genderen said with the region’s unemployment rate now hovering at 4.5%-5.5%, it makes NEPA more resilient to movement in the market.

“While we are not immune to the displacement of jobs due to automation, we are trying to embrace it,” Van Genderen said. “For example, we are attracting e-commerce jobs to NEPA to replace declining traditional retail jobs and it is happening at a higher wage rate with better benefits.”

Van Genderen said the Chamber is are also actively changing its programs and workforce development by working alongside with colleges and schools to make the region less susceptible to automation displacement.

“Finally, we are complementing new automation jobs in software, technology and services exemplified by our growth in entrepreneurial start-ups and initiatives like our W-B Connect ‘Coding the Coal Region’ efforts in partnership with software technology firms like Microsoft,” he said. “Now it’s a matter of execution in a constant state of re-creation to stay ahead of the curve.”

Thomas told the group to expect U.S. economic deceleration, but no recession in 2020.​

“Anticipate productivity and market momentum to win out in the first half of 2020, but populist headwinds to build ​into the election,” Thomas said. “But be more pessimistic over the longer term, with reduced economic growth and capital market assumptions over 2020‒2030 time horizon.”

Thomas said there are four pieces to productivity: time lag, cyclical/structural factors, firm strategy and progress. She said the key is connecting people through technology and increasing longevity and quality of life through better ​access to generic medication and proactive health care, ​resulting in fewer hospital admissions​.

At Wilmington Trust, Thomas is responsible for monitoring and analyzing economic developments in domestic and international economies. ​She holds a bachelor’s degree in economics and international studies with distinction from Yale University.​

Reah Thomas, an economist with Wilmington Trust, speaks at the Greater Wilkes-Barre Chamber of Commerce 2020 Capital Markets Forecast Breakfast at the Holiday Inn in Wilkes-Barre on Thursday morning.
https://www.theweekender.com/wp-content/uploads/2020/02/web1_TTL022120Business.jpg.optimal.jpgReah Thomas, an economist with Wilmington Trust, speaks at the Greater Wilkes-Barre Chamber of Commerce 2020 Capital Markets Forecast Breakfast at the Holiday Inn in Wilkes-Barre on Thursday morning. Aimee Dilger | Times Leader

By Bill O’Boyle

boboyle@timesleader.com

Reach Bill O’Boyle at 570-991-6118 or on Twitter @TLBillOBoyle.