Making it in America: The View from America Survey

1. June 2017

2. Table of Contents 2 • Methodology & Sample Design • Key Findings • Detailed Findings • Section 1: Country & Economy • Section 2: Corporate America & Government • Section 3: Automation, Innovation & Manufacturing

3. Purpose and Methodology 3 • The Making it in America: The View from America survey developed by Burson-Marsteller and conducted by research firm PSB sheds light on Americans’ sentiments about the current state of the economy, as well as their feelings about the future. • From June 1-5, 2017, PSB conducted 1500 interviews with a General Population Survey*. The margin of error for the total sample is +/- 2.53% and larger for subgroups. The data was weighted to be nationally representative. • This survey builds off the June 2017 Executive Survey* by McKinsey & Company, which surveyed 259 U.S. Business Leaders representing the full range of regions, industries, company sizes, functional specialties, and tenures. *Please note that on the following slides the terminology “Americans” and “American Population” refers to the General Population Survey and “Business Leaders” refers to the Executive Survey. METHODOLOGY & SAMPLE DESIGN

4. Audience, Sample Size and Margin of Error 4 Audiences Sample Size Margin of Error General Population “Americans” n = 1500 ±2.53% U.S. Business Leaders n = 259 ±6.09% American Adults by Region Sample Size Margin of Error Northeast n = 270 ±5.96% Midwest n = 315 ±5.52% South n = 570 ±4.1% West n = 345 ±5.28% American Adults by Education Sample Size Margin of Error High school or less n = 585 ±4.05% Some college n = 480 ±4.47% College n = 435 ±4.7% American Adults by Political Party Sample Size Margin of Error Democrats n = 602 ±3.99% Republicans n = 406 ±4.86% Independents n = 462 ±4.56% METHODOLOGY & SAMPLE DESIGN

5. Key Findings

6. Key Findings 6 Despite divisions, 67% of Americans are optimistic about their future. 1 Government and business are expected to work together to open economic opportunity. 2 Americans have their doubts about how they will fare. But, if they have the right tools they still believe they can and will succeed. 3

7. Section 1: Country & Economy 7 1. Americans are concerned about the present, but optimistic about the future. However, opinions about the economy and the future are somewhat driven by education level. • A large part of Americans’ optimism is driven by the belief that jobs are safe. • Emotions about the future differ by education level, with college educated more optimistic about their future. • Whether high cost of living/inflation, the gap between rich and poor, or taxes, the most important issues facing the U.S. economy primarily relate to money. • More-educated Americans and Business Leaders tend to agree on issues related to the economy and the path forward. KEY FINDINGS

8. Section 2: Corporate America & Government 8 2. There is general distrust of business leaders and the government, but government and business are expected to work together to open economic opportunity. • Business Leaders say the profitability and competitiveness of their industry will stay the same or increase over the next five years. • Across education levels, Americans trust companies but distrust Business Leaders. • Americans believe that large companies have a more positive impact on them than the government. • However, they say that business and government working together will be important to the path forward. KEY FINDINGS

9. Section 3: Automation, Innovation, and Manufacturing 9 3. Americans recognize that automation will decrease the overall number of jobs, particularly in the manufacturing sector, but believe technology will positively impact their lives. They are optimistic about the future of technology and its impact on manufacturing. • Americans believe technology will positively impact their lives through increased productivity and a better work/life balance. However, they also note that corporate profits will be the biggest beneficiary. • Despite recognizing the benefits of technology, both Americans and Business Leaders agree that automation will eliminate jobs overall and there will be fewer manufacturing jobs in the future. • Compared to today, Americans say manufacturing jobs in the future will be better paying in part because manufacturing jobs of the future will require operation of automated manufacturing systems and other advanced skills such as mechanical or electrical engineering. • U.S. Business Leaders say the South is the most appealing location for manufacturing over the next five years, while Americans often says the region they live in is most likely to succeed. KEY FINDINGS

10. Detailed Findings

11. Section 1 Country & Economy

12. Concerned about the present, Americans are optimistic about the future 12 9% 24% 48% 19%Very optimistic Somewhat optimistic Somewhat pessimistic And, 59% say they are at least somewhat optimistic about the future of manufacturing in the U.S. Today: 58% say the country is headed down the wrong track 52% say the economy is headed down the wrong track Very pessimistic Tomorrow: 67% say they are at least somewhat optimistic about their own future DETAILED FINDINGS: COUNTRY & ECONOMY

13. 9 62 28 Yes No Don't know 22 60 17 Yes No Don't know A large part of American optimism is driven by the belief that their jobs are safe 13 Q30: Do you think you will be laid off sometime in the next five years? Showing % Q31: In five years, do you think machines could replace your job? Showing % I will be laid off in the next five years A machine could replace my job in five years Showing American Population DETAILED FINDINGS: COUNTRY & ECONOMY

14. Opinions about the economy and the future somewhat differ by education level 14 Percent who say technology will make overall employment better five years from now machines could replace their job in five years they feel educated in the right skills to succeed in the 21st century technology will make job satisfaction better five years from now technology will make wages/ salaries better five years from now the American economy is headed in the right direction High School or Less College or More 49% 45% 55% 22% 30% 14% 54% 42% 71% 59% 55% 65% 33% 30% 38% American Population DETAILED FINDINGS: COUNTRY & ECONOMY

15. Optimistic 23% 21% 28% Insecure 18% 19% 17% Scared 16% 18% 12% Pessimistic 12% 10% 15% Confused 7% 9% 5% Overwhelmed 7% 9% 5% Confident 6% 5% 5% Despair 6% 5% 5% Disinterested 2% 2% 2% Excited 2% 1% 3% Isolated 1% .% 2% Emotions about the future vary depending on education 15 Q. 34: What emotion best describes how you feel about the future of the U.S. economy? DETAILED FINDINGS: COUNTRY & ECONOMY High School or Less College or MoreAmerican Population

16. 47 38 34 33 32 20 18 16 12 12 12 High cost of living/inflation Unemployment/jobs Gap between rich and poor Federal budget deficit/Federal debt Taxes Corporate corruption Loss of manufacturing jobs Falling or stagnant wages Fuel/oil prices Foreign trade/trade deficit Technology that replaces traditional jobs Whether high cost of living/inflation, the gap between rich and poor, or taxes, the most important issues facing the U.S. economy primarily relate to money 16Q12: What are the top most important issues facing the U.S. economy? Please select up to three. Showing %, Ranked Showing American Population Top issues facing the U.S. Economy DETAILED FINDINGS: COUNTRY & ECONOMY

17. More-educated Americans and Business Leaders tend to agree 17 18% 13% 23% 34%reading comprehension and/or critical thinking is most important for success in U.S.-based manufacturing jobs of the future infrastructure is most important public policy issue for job creation Percent who say high tech industry is most likely to create jobs in the next five years Business Leaders 21% 15% 31% 58% 40% 37% 48% 52% Note: Business Leaders data from McKinsey Global Institute Making it in America survey, June 2017 High School or Less College or More American Population DETAILED FINDINGS: COUNTRY & ECONOMY

18. Section 2 Corporate America & Government

19. Business Leaders say the profitability and competitiveness of their industry will stay the same or increase over the next five years 19 1 2 19 29 42 7 Executive Q25: Thinking of your own industry in the U.S., how do you expect its profitability and competitiveness will change, if at all, over the next five years? Showing % The profitability and competitiveness of my own industry in the U.S. in five years will… Showing Business Leaders Significantly increase Somewhat increase Significantly decrease Somewhat decrease Stay about the same Don’t know 78% 21% DETAILED FINDINGS: CORPORATE AMERICA & GOVERNMENT

20. Across education levels, Americans trust companies but distrust Business Leaders 20 FavorableUnfavorable 39% 54% 96% Business Leaders Large Companies Small Businesses 61% 46% 4% 73% say wage gap between workers and execs will grow in the next five years 88% say technology will benefit business profits in the next five years DETAILED FINDINGS: CORPORATE AMERICA & GOVERNMENT

21. However, Americans believe that large companies have a more positive impact on them 21 OR The federal government has a more positive impact on me than large companies do 41% Large companies have a more positive impact on me than the federal government does 59% Which of the following do you agree with more? Showing American Population Q24: Which of the following do you agree with more? Showing % DETAILED FINDINGS: CORPORATE AMERICA & GOVERNMENT

22. Business and government working together will be important to the path forward 22 57% 35% 8% Major role Minor role No role In strengthening the economy, the federal government should play a… In strengthening the economy, the federal government should… 61% 22% 10% Promote training and education for displaced workers Enact policies to protect those jobs Increase corporate taxes to fund programs for displaced workers 63% say the most important role of government is to protect American workers 86% support tax credits for companies that pay for workers to train in other, more modern work skills DETAILED FINDINGS: CORPORATE AMERICA & GOVERNMENT

23. Section 3 Automation, Innovation & Manufacturing

24. 2 4 8 8 10 12 13 10 17 27 33 37 39 43 55 56 53 47 42 39 34 32 23 13 12 11 10 9 Business profits Productivity at work Work/life balance Job satisfaction Wages/salaries Overall employment Job stability Americans believe technology will positively impact their lives through increased productivity and a better work/life balance. However, they also note that corporate profits will be the biggest beneficiary of technology 24 Q41: Five years from now, do you think technology will be making the following better or worse? Showing % Much better Somewhat better Much worse Somewhat worse How technology will affect the following five years from now… Showing American Population DETAILED FINDINGS: AUTOMATION, INNOVATION & MANUFACTURING

25. 21 43 11 13 5 8 25 43 8 20 3 2 Eliminate significant number of jobs Eliminate moderate number of jobs No effect Create moderate number of jobs Create significant number of jobs Don't know American Population Business Leaders Despite recognizing the benefits of technology, both Americans and Business Leaders agree that automation will eliminate jobs in the future 2525 How advancements in automation and machine intelligence will affect the net number of jobs in the U.S. over the next 20 years Q35: How do you expect advances in automation and machine intelligence will affect the net number of jobs in the U.S. over the next 20 years? Showing % Executive Q29: How do you expect advances in automation and machine intelligence will affect the net number of jobs in the U.S. over the next 20 years? Showing % Eliminate jobs Create jobs DETAILED FINDINGS: AUTOMATION, INNOVATION & MANUFACTURING

26. Half of Business Leaders believe there will be a decrease in manufacturing’s share of total jobs in the U.S. economy over the next five years 2626 2 7 46 24 20 2 Significantly increase Somewhat increase Significantly decrease Somewhat decrease Stay about the same Don’t know Manufacturing jobs as a share of total jobs in the US economy over the next five years will… Showing Business Leaders 53% Executive Q26. How do you expect that manufacturing jobs as a share of total jobs in the U.S. economy will change, if at all, over the next five years? DETAILED FINDINGS: AUTOMATION, INNOVATION & MANUFACTURING

27. While Americans believe technology will eliminate jobs in the manufacturing sector, they say the future of manufacturing is bright 27 Q49: Looking ahead in five years, do you think there will be more or fewer jobs in U.S. manufacturing than there are now? Showing % Q48: Thinking specifically about manufacturing, how optimistic are you about the future of manufacturing in the U.S.? Showing % 8 33 49 11 American population Very optimistic Somewhat optimistic Very pessimistic Somewhat pessimistic Optimism about future of manufacturing 60% 14 42 35 9 American population Many more jobs Somewhat more jobs Many fewer jobs Somewhat fewer jobs Prediction of U.S. manufacturing jobs in five years compared to today 56% DETAILED FINDINGS: AUTOMATION, INNOVATION & MANUFACTURING

28. Compared to today, Americans say manufacturing jobs in the future will be better paying… 28 Q54: Will U.S.manufacturing jobs five years from now be better paying or worse paying than today? Showing % 7 33 31 12 4 13 Significantly better paying Somewhat better paying Not better nor worse Somewhat worse paying Significantly worse paying Don't know How U.S. manufacturing jobs will pay five years from now compared to today Better paying Worse paying Showing American Population DETAILED FINDINGS: AUTOMATION, INNOVATION & MANUFACTURING

29. 29 Q52: Which of the following skills do you believe will be most important for success in U.S.-based manufacturing jobs of the future? Please select up to three. Showing % Top 7, Ranked by Business Leaders Executive Q28: Which of the following skills do you believe will be most important for success in U.S.-based manufacturing jobs of the future? Showing % Top 7 19 21 24 32 34 38 53 18 32 38 17 18 20 30 Coding Computer-aided design Knowledge of mechanical and/or electrical engineering Process engineering Reading comprehension and/or critical thinking Data analytics Operation of automated manufacturing systems American Population Business Leaders Skills important to success in U.S. manufacturing jobs of the future …in part because manufacturing jobs of the future will require knowledge of automated manufacturing systems and other advanced skills such as mechanical or electrical engineering DETAILED FINDINGS: AUTOMATION, INNOVATION & MANUFACTURING

30. 62 58 48 37 35 23 22 Labor costs Availability of skilled and/or educated workers Regulatory environment Proximity to supply chain Strong infrastructure Market opportunities in a given economy Proximity to customer demand 7 1 12 19 51 10 Business Leaders say labor costs and skilled workers are most important when deciding where to base manufacturing production and believe these factors will have a positive impact on the number of manufacturing jobs 30 Executive Q23: In your view, what are factors that U.S. manufacturing companies consider most important when deciding where to base their production? Showing % Top 7 Executive Q24: What kind of impact, if any, do you believe these factors will have on the number of jobs the US manufacturing sector has the potential to create? Showing % Showing Business Leaders Most important factors when deciding where to base manufacturing 61% Very positive Somewhat positive Very negative Somewhat negative Neutral Don’t know Impact of factors on the number of jobs the US manufacturing sector has the potential to create DETAILED FINDINGS: AUTOMATION, INNOVATION & MANUFACTURING

31. Business Leaders believe the South is most likely to succeed in manufacturing, while Americans think it will be the Midwest or Northeast 31 Americans Q53: Of the following U.S. regions, which do you believe will be most likely to succeed in manufacturing in the next five years? Please select up to three. Showing % Pacific Mountain West North Central East North Central Middle Atlantic New England West South Central East South Central South Atlantic American Population 20% 13% 13% 28% 23% 13% 16% 16% 21% Business Leaders 10% 19% 22% 30% 8% 5% 41% 37% 37% American adults often chose their own region. MIDWEST SOUTH West South Central East South Central South Atlantic Most appealing/likely to succeed in manufacturing in the next five years DETAILED FINDINGS: AUTOMATION, INNOVATION & MANUFACTURING WEST Pacific Mountain West North Central East North Central NORTHEAST Middle Atlantic New England

32. Appendix

33. Americans and Business Leaders are more uncertain of the economy in the longer term, with half saying people entering the workforce over the next 20 years will be the same or better and many saying it will be worse 33 Q33: How do you believe the economic well-being of people entering the workforce over the next 20 years will compare with your own today? Showing % Executive Q30: How do you believe the economic well-being of people entering your home country’s workforce over the next 20 years will compare with your own today? Showing % 11 2 12 5 26 41 23 26 21 24 8 2 52% 52% Much better Somewhat better Much worse Somewhat worse About the same Don’t know American Population Business Leaders The economic well-being of people entering the workforce over the next 20 years will be… 38% 46% Compared to the American population, Business Leaders are more likely to say the economic well- being of people in the future will be worse APPENDIX

34. Americans say training and education are needed for job creation 34 What government should do about the loss of jobs due to automation and machine intelligence 61 22 10 6 Promote job training and education programs for displaced workers Enact policies to protect those jobs Increase corporate taxes to fund social and other programs for displaced workers Nothing Q36: What, if anything, do you think the government should do about the loss of jobs to automation and machine intelligence? Showing % Showing American Population APPENDIX

35. 46 36 22 11 Have the companies pay a different tax rate Have the companies train American workers for new skills Block imports of foreign/manufactured good previously manufactured in America Nothing Americans – regardless of party – say the government should incentivize companies to train workers in modern skills and keep business in the U.S. 35 How government should handle U.S. companies that manufacture products in foreign countries Q59: Do you support or oppose tax credits for companies that pay for workers to train in other, more modern work skills? Showing % Q60: What, if anything, should the government do to U.S. companies that manufacture products in foreign countries? Showing % Showing American Population 2 11 57 29 Strongly support Somewhat support Strongly oppose Somewhat oppose 86% Support/opposition to tax credits for companies that pay for workers to train in more modern work skills APPENDIX

36. Business Leaders say spending more on infrastructure is the public-policy action most likely to support future job creation, while Americans say it is lowering healthcare costs and providing more resources for job training 36 Q37: Of the following public-policy actions, which do you believe will most support job creation in the U.S. ? Select up to three. Showing % Top 10 responses; Sorted by Business Leaders Executive Q22: Of the following public-policy actions, which do you believe will most support future job creation in the U.S.? Showing % 9 14 15 19 19 27 31 33 34 58 15 11 21 16 17 9 35 31 36 21 Bigger tax incentives for hiring Expanding private-sector partnerships with educational institutions Making trade deals that benefit more U.S. businesses Reforming immigration policy Developing a system of more portable healthcare, retirement and other benefits for temporary and/or contract workers Reforming regulatory policy Providing more resources for job training and/or workforce development Better enabling U.S.businesses to bring overseas earnings back into the country Lowering healthcare costs Spending more on infrastructure American Population Business Leaders Public-policy actions that will most support job creation in the U.S. APPENDIX

37. 42 39 30 23 23 21 18 15 13 11 10 8 4 4 2 1 Health care Education Renewable energy and/or green technologies High tech Oil and gas Traditional manufacturing Consumer goods Construction Advanced manufacturing Financial services Retail Business services Hospitality Media and entertainment Pharma Chemicals Industries most important to a successful U.S. economy Americans say healthcare, education, and energy will be most important to a successful U.S. economy 37Q15: Which of the following industries do you believe are most important to a successful U.S. economy? Please select up to three. Showing %, Ranked Showing American Population APPENDIX

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