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The future of the U.S. economy will be predicated on services and not manufacturing, San Francisco Federal Reserve Bank President John Williams said today.

"Right now the U.S. economy is doing OK," Williams said at El Camino High School in South San Francisco, citing the U.S. unemployment rate of 4.4%.

For future growth, he continued, the economy will rely increasingly on services, not manufacturing. "There's this idea that somehow we got to get the jobs back to manufacturing," he said, adding that work in services including healthcare and education is where U.S. workers excel.

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