Thursday, April 24, 2014

Consider Employment Projections in Your Career Planning


By Susan Pines, Shy Job Seeker Blog  

Use Employment Projections in Your Career Planning [Shy Job Seeker Blog]
Use employment projections
to assist your career planning.
The following content is derived from an article in the Monthly Labor Review, published by the Bureau of Labor Statistics (BLS). This information is useful to job seekers, students, and individuals making plans for the future. I have edited it for length and made other changes for readability.

Occupations and industries related to healthcare and construction are projected to experience the fastest job growth through the years to 2022, as an aging population and expanding health insurance coverage change the preferences of consumers and a resurging housing market spurs long-awaited recovery in construction.

As the economy continues to improve in the wake of the Great Recession, the long-term patterns of growth and industry activity can be more readily observed. In the coming decade, demographic changes are expected to have pervasive effects on the nation’s economic outlook. As individuals age, their consumption patterns change and their demand for healthcare and related services rises. These trends are expected to play an important role in employment. In addition, by expanding insurance coverage to millions of Americans, the Affordable Care Act will place greater demands on the healthcare system. Highlights of the projections through 2022 include the following:

  • Labor force growth will slow to 0.5 percent annually as participation rates decrease among younger and prime-age workers and as more baby boomers leave the labor force.
  • Slow gains in the labor force will limit the growth in gross domestic product (GDP); GDP is projected to increase at an annual rate of 2.6 percent.
  • Total employment is expected to grow by 1 percent annually, with the fastest job gains occurring in the construction sector and the healthcare and social assistance sector.
  • Occupations related to healthcare, healthcare support, construction, and personal care services are projected to add a combined 5.3 million jobs, an increase representing approximately one-third of all employment gains to 2022.
  • Occupations requiring a high school diploma are expected to add the greatest number of new jobs, accounting for nearly 30 percent of all employment gains over the projection period.
The influence of changing demographics is expected to be felt across all facets of the economy. The dominant pattern of declining labor force participation is projected to continue, largely because of the substantial number of aging baby boomers. 

Image courtesy of  dpavumba  / FreeDigitalPhotos.net

2 comments:

  1. Hello,
    Thank you for writing this blog it's very interesting. Do you have a list of jobs that are best for people that are introverted and/or shy?

    ReplyDelete
  2. Thanks for your comments! Check out this post to explore jobs that my interest you: http://shyjobseeker.blogspot.com/2013/07/exploring-introvert-careers-that-avoid.html

    ReplyDelete