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[IWS] BLS: MONTHLY LABOR REVIEW on PROJECTIONS to 2022 for EMPLOYMENT/ECONOMY [19 December 2013]
IWS Documented News Service
Institute for Workplace Studies----------------- Professor Samuel B. Bacharach
School of Industrial & Labor Relations-------- Director, Institute for Workplace Studies
16 East 34th Street, 4th floor---------------------- Stuart Basefsky
New York, NY 10016 -------------------------------Director, IWS News Bureau
MONTHLY LABOR REVIEW (updated to 19 December 2013]
- Labor force projections to 2022: the labor force participation rate continues to fall 12/19/2013
[full-text, 28 pages]
Because of the decreasing labor force participation rate of youths and the prime age group, the overall labor force participation rate is expected to decline. The participation rates of older workers are projected to increase, but remain significantly lower than those of the prime age group. A combination of a slower growth of the civilian noninstitutional population and falling participation rates will lower labor force growth to a projected 0.5 percent annually.
- The U.S. economy to 2022: settling into a new normal 12/19/2013
[full-text, 33 pages]
No one could have predicted the length of time that the economy has required to recover. A variety of economic headwinds have battered the recovery, causing output growth to be somewhat slower than was expected in prior projections. Over the coming decade, growth is expected to be gradual but persistent, bringing the unemployment rate down and returning the macroeconomy to a more stable position.
[full-text, 34 pages]
The health care and social assistance sector will account for almost a third of the projected job growth from 2012 to 2022. Employment in the construction sector is expected to see a large increase, while still not reaching prerecession levels. Manufacturing is projected to experience a slight decline in employment over the projection period.
- Overview of projections to 2022 12/19/2013
[full-text, 3 pages]
Occupations and industries related to healthcare and construction are projected to experience the fastest job growth over the coming decade, 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.
- Occupational employment projections to 2022 12/19/2013
[full-text, 44 pages]
Total employment in the U.S. economy is projected to grow by 15.6 million during the 2012–2022 decade to reach 161 million; this represents a 10.8-percent employment increase. Some of the fastest projected growth will occur in the healthcare, healthcare support, construction, and personal care fields. Together, these four occupational groups are expected to account for about one-third—more than 5.3 million—of all new jobs during this period.
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