Payroll employment rises by 211,000 in November; unemployment rate unchanged at 5.0%

[mahatmakanejeeves]

35. More about the labor force participation rate

This is a forecast of the next ten years. It is not really LBN.

Also posted in the Economy Forum: As America’s Workforce Ages, Here’s Where the Jobs Will Be

3:12 pm ET
Dec 8, 2015
economics

As America’s Workforce Ages, Here’s Where the Jobs Will Be

By Jeffrey Sparshott
[email protected]
@jeffsparshott

The U.S. labor force is expected to expand only slowly over the coming decade as the country ages and more Americans give up on holding a job, a potential drag on broader economic growth.

The economy is expected to generate 9.8 million new jobs, a 6.5% increase, from 2014 to 2024, the Labor Department said in new projections released Tuesday. While steady, that is a historically slow pace. By comparison, 10-year job creation averaged almost 14% during the 2001-07 expansion and close to 17% during the 1990s.

The slowdown highlights declining participation as baby boomers retire and younger Americans opt out of the workforce. Those two trends are expected to continue to push the labor-force participation rate lower, to 60.9% in 2024 from 62.9% in 2014, Labor estimates. If realized, that would be the lowest level since 1973, when Richard Nixon was president.

Federal Reserve Chairwoman Janet Yellen at a congressional hearing last week held out hope the participation rate would hold near current levels as people came off the sidelines and into jobs.

Healthcare industries are projected to become the largest employer in 2024

Economic News Release USDL-15-2327

Employment Projections: 2014-24 Summary

For release 10:00 a.m. (EST) Tuesday, December 8, 2015

Technical information: [phone] • [email protected] • www.bls.gov/emp
Media contact: [phone] • [email protected]


EMPLOYMENT PROJECTIONS -- 2014-24


Healthcare occupations and industries are expected to have the fastest employment growth and to add the most jobs between 2014 and 2024, the U.S. Bureau of Labor Statistics reported today. With the increase in the proportion of the population in older age groups, more people in the labor force will be entering prime retirement age. As a result, the labor force participation rate is projected to decrease and labor force growth to slow. This slowdown of labor force growth is expected, in turn, to lead to Gross Domestic Product (GDP) growth of 2.2 percent annually over the decade. This economic growth is projected to generate 9.8 million new jobs--a 6.5-percent increase between 2014 and 2024.

The projections are predicated on assumptions including a 5.2 percent unemployment rate in 2024 and labor productivity growth of 1.8 percent annually over the projected period. Highlights of the BLS projections for the labor force and macroeconomy, industry employment, and occupational employment are included below.