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Stocks go up … even in the face of extreme change.

In the 1780s, when the United States was formed, the agrarian economy accounted for 90% of all jobs. By 1850, 49% of all jobs were in farming as the Industrial Revolution began to have its impact. By 1900, only 39% of jobs were in farming, just 3% of the adult population in the United States had a college degree and only 15% had a high school degree. Today, less than 1.3% of the US labour force is in farming, 32% has a college degree and 85% have a high school degree.

In 1900, the Dow Jones traded at just 51.6 points … yet despite the dramatic and constant change in the composition of the US work force … stocks marched higher by 5.5%pa, with the Dow Jones now trading at 34,043.

Thanks for reading,

Lachlan Morgan, CFA.

Partner | Analyst

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