The U.S. Bureau of Labor Statistics (BLS) reported on Dec. 10, 2009 that, during the 2008 to 2018 period, the total employment in America is projected to increase by 15.3 million, or 10.1 percent.
These are very interesting projections; and good news at the times when jobs are scarce. Some of the key highlights of the study are:
- Projections show an aging as well as a more racially and ethnically diverse labor force
- Employment growth in service-providing industries. More than half of the new jobs will be in professional and service related occupations.
- Occupations where a post-secondary degree is usually required are expected to account for one-third of total job openings during the projection period.
- Job openings from replacement needs–those which occur when workers who retire or otherwise leave their occupations need to be replaced– are projected to be more than double the number of openings due to economic growth.
- The projected growth for the 2008-2018 period is larger than the increase of 10.4 million over the 1998-2008 period. An increase of 7.4 percent decade-over-decade.
- The relatively slow growth rate for the earlier 10-year period was affected by the recession which began in December 2007.
- The projected growth rate is higher than would otherwise be expected because the 2008 starting point is a recession year.
This report focuses on four areas for which BLS develops projections–labor force, industry employment, occupational employment, and education and training.
- The civilian labor force is projected to grow by 12.6 million between 2008 and 2018, to 166.9 million persons.
- The labor force in 2018 will be more diverse.
- The growth among minorities: Due to higher birth rates and increased immigration, along with higher labor force participation rates by Hispanics and Asians, the share of the labor force held by minorities is projected to increase significantly.
- Projected employment growth is concentrated in the service-providing sector, continuing a long-term shift from the goods-producing sector of the economy.
- From 2008 to 2018, service-providing industries are projected to add 14.6 million jobs
- The 2 industry sectors expected to have the largest employment growth are:
Professional and business services (4.2 million)
Health care and social assistance (4.0 million).
- Two major occupational groups are projected to provide more than half of the total employment growth during the 2008-18 period:
Professional and related occupations
- Production occupations are projected to decline.
Education and Training
- Occupations that usually require a post-secondary degree or award are expected to account for nearly half of all new jobs from 2008 to 2018 and one-third of total job openings.
- Among the education and training categories, the fastest growth will occur in occupations requiring an associate degree.
U.S. Bureau of Labor Statistics: EMPLOYMENT PROJECTIONS – 2008-18, News Release Thursday, December 10, 2009
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