December 11, 2015
Unemployment rates may be on the decline, but the expansion of the U.S. labor force is predicted to grow very slowly as young Americans opt-out of the workforce and the elderly population continues to age.
From 2014 to 2024, the Labor Department expects 9.8 million news jobs, which is an increase of 6.5 percent. However, the 1990s and early 2000s experienced average labor growth rates of 17 and 14 percent respectively. The impact on the economy is that GDP will stand at 2.2 percent over the decade, which is a .8 percent decline from the 3 percent growth experienced prior to the financial crisis.
Naturally, the majority of job growth will focus on services for the aging population, especially within the healthcare industry. Other sectors that are expected to grow include: mining, professional and business services, education and construction.