Amazon’s Takeover Of The Economy Is The Real Threat To American Jobs – Huffington Post
Amazonâ€™s stranglehold on the U.S. economy is growing ever tighter, with devastating effects for the job market, says a report released Tuesday afternoon.
The groupâ€™s wide-ranging analysis details how Amazon, which recently saw annual revenue top a stunning $100 billion, has reshaped the way Americans shop and radically altered the job market.
After years of undercutting other retailers by selling products at a loss, funneling its customers into its super-convenient Prime service and Ã¢Â€Â• essentially Ã¢Â€Â• perfecting the art of online retail, Amazon is now synonymous with online shopping itself.
Taking into account goods sold through third-party retailers on its site, nearly $1 of every $2 spent online currently flows through Amazon, the report found. Thatâ€™s had devastating consequences for retailers who simply canâ€™t compete Ã¢Â€Â• both online and out in the real world (remember Borders?).
About 149,000 jobs have been lost as Amazonâ€™s business has expanded, according to the analysis from the nonprofit Institute for Local Self-Reliance, which advocates for fair, sustainable local economies.
Amazon declined to comment on the report. In a letter to shareholders this year, the company claimed that its Marketplace, where third-party sellers offer up goods, has created 600,000 jobs. Itâ€™s unclear what kind of jobs these are, however.
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