The US Bureau of Labor Statistics (BLS, the Bureau) is the principal fact-finding agency for the Federal Government in the broad field of labor economics and statistics. The latest study on 2010-2020 projections correlates the overall employment with the US population.
Shifts in the size and composition of the population can influence the U.S. economy.
Several factors, including slower population growth, an aging population, and increasing diversity, are expected to affect the population over the coming decade.
The U.S. civilian non-institutional population, including individuals ages 16 and older, is expected to increase by 25.2 million from 2010 to 2020 (Chart 1).
For the labor force, the projected growth rate of 10.6 percent is far less compared to last two decades (1990–2000 period and the 2000-10 period).
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. Continue reading →