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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

Cornell University

16 East 34th Street, 4th floor---------------------- Stuart Basefsky

New York, NY 10016 -------------------------------Director, IWS News Bureau

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MONTHLY LABOR REVIEW (updated to 19 December 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.

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.

http://www.bls.gov/opub/mlr/2013/article/pdf/industry-employment-and-output-projections-to-2022.pdf

[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.

http://www.bls.gov/opub/mlr/2013/article/pdf/overview-of-projections-to-2022.pdf

[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.

 

http://www.bls.gov/opub/mlr/2013/article/pdf/occupational-employment-projections-to-2022.pdf

[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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This information is provided to subscribers, friends, faculty, students and alumni of the School of Industrial & Labor Relations (ILR). It is a service of the Institute for Workplace Studies (IWS) in New York City. Stuart Basefsky is responsible for the selection of the contents which is intended to keep researchers, companies, workers, and governments aware of the latest information related to ILR disciplines as it becomes available for the purposes of research, understanding and debate. The content does not reflect the opinions or positions of Cornell University, the School of Industrial & Labor Relations, or that of Mr. Basefsky and should not be construed as such. The service is unique in that it provides the original source documentation, via links, behind the news and research of the day. Use of the information provided is unrestricted. However, it is requested that users acknowledge that the information was found via the IWS Documented News Service.

 




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