Sunday, January 3, 2010

Economics Sunday....First up, Employment Forecasts

SO, the BLS releases their employment forecasts...

Found this over on Angry Bear, but it stems from the recently released BLS labor and employment report for 2008-2018.

Here's a snippet:


Here's the BLS report link:


Total employment is projected to increase by 15.3 million, or 10.1 percent, during the 2008-18 period, the U.S. Bureau of Labor Statistics reported today. The projections show an aging and more racially and ethnically diverse labor force, and employment growth in service-providing industries....and...

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, or 96 percent of the increase in total employment. The 2 industry sectors expected to have the largest employment growth are professional and business services (4.2 million) and health care and social assistance (4.0 million).


The largest decline among the detailed industries is expected to be in department stores, with a loss of 159,000 jobs, followed by manufacturers of semiconductors (-146,000) and motor vehicle parts (-101,000).

...and more...

Occupations that usually require a postsecondary 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.

So the workforce is becoming older, and more service oriented. Does anyone think that in the absence of goods production that this is sustainable over the long term? Also, what will this mean for retirement?

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