otisons
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America's New Job Sources
Job Growth is Coming from the Service Providing Sector
From 2018 to 2028, the Service Sector of the economy will provide 14.6 million new jobs. Professional and business services, paper writing services, and health care and social assistance lead.
The Bureau of Labor Statistics projects that the United States is becoming a service economy. This means the United States is shifting from a goods-producing sector to a service-providing economy. The two biggest industry sectors with the largest growth are Professional and Business services with 4.2 million new jobs and Health Care and Social Assistance with 4.0 million jobs.
Industry Employment
Professional and business services offer occupations with the greatest growth in consulting, computer design systems, and employment services. Home health care services for the elderly and those with disabilities, nursing care facilities, and employment in offices of physicians also offer strong employment opportunities.
The industries with the greatest employment declines are in the manufacturing sector and two each are in the retail trade and information sectors. The largest declines are expected to be in department stores with a loss of 159,000 jobs, manufacturing jobs with 146,000 jobs loss, and motor vehicle parts with 101,000 jobs loss.
Labor Force
The labor force is expected to grow by 12.6 million people by 2018 to 2028, giving a total of 166.9 million people. The baby boomer generation is expected to largely continue working, which will increase the 55 years of age people working, by an increase of 12 million people. This will represent 25% of the labor force.
Young people, 16-24, are projected to represent 12.7% of the working population by 2028. The primary working group, 25-54 should represent 63.5% of the labor force by 2028.
Education and Training
A post-secondary degree will be required for half of the new jobs from 2018 to 2028. The biggest demand will be in occupations requiring Associate Degrees.
Short and moderate-term on-the-job training will represent over one-half of the top 30 occupations that are projected to have the largest growth. 14 of the 30 fastest growing occupations will require a Bachelor's Degree.
Job openings from 2028 to 2028 will be near 50.9 million and19.6 million of these jobs will be in the short term on the job training category. Sixteen of the 30 detailed occupations with the most growth will have short term on the job training as the most important source of education and training.
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America's Jobs Future
The Bureau of Labor's job projections demonstrates the quiet revolution occurring in the economy and most specifically the jobs market in the United States. America is transitioning from a manufacturing economy to a service-providing society. This is demonstrated with the growth in professional and business services, college paper writing services, and the health care and social assistance emergence. Conversely, we are witnessing a continuance of job decreases in the manufacturing sector.
Sources
United States Department of Labor, Bureau of Labor Statistics, Economic News Release, Employment Projections: 2018-2028
by otisons on 2021-09-28 08:11:48