No, most have underestimated the effect. A factory that used to have hundreds of workers and a few engineers and technicians, now has just a few engineers and technicians. That's effectively a decoupling of production from labor, however you want to look at it.
Automation of production has been explosive in the last few years. Companies that automate factories have a critical shortage of practical Engineers (no don't get excited; its one automation Engineer for every million people out of work). Automation Engineering requires a working knowledge of mechanical, electrical, chemical and information systems. My Niece flies all around the world installing and controlling automation, and her company cannot find qualified candidates to fill the demand.