As America’s Workforce Ages, Here’s Where the Jobs Will Be

Wall Street Journal ^ | 12/09/2015 | By JEFFREY SPARSHOTT

[SeekAndFind]

The U.S. labor force is expected to expand only slowly over the coming decade as the country ages and more Americans give up on holding a job, a potential drag on broader economic growth.

The economy is expected to generate 9.8 million new jobs, a 6.5% increase, from 2014 to 2024, the Labor Department said in new projections released Tuesday. While steady, that is a historically slow pace. By comparison, 10-year job creation averaged almost 14% during the 2001-07 expansion and close to 17% during the 1990s.

The slowdown highlights declining participation as baby boomers retire and younger Americans opt out of the workforce. Those two trends are expected to continue to push the labor-force participation rate lower, to 60.9% in 2024 from 62.9% in 2014, Labor estimates. If realized, that would be the lowest level since 1973, when Richard Nixon was president.

[SNIP]

Much of the job growth in the coming decade will focus on services for the elderly. Health-care occupations and industries are expected to have the fastest employment growth and add the most jobs through 2024, Labor said.

Other industries with strong growth include construction, education, professional and business services, and mining, a category that includes oil and gas exploration and production.

While construction is projected to add 790,400 jobs by 2024, "even with these additional jobs, employment in the construction major sector is not projected to return to the 2006 peak," the report said.

Employment in government, utilities, manufacturing, agriculture and information are expected to decline.

Other highlights of the report include:

* The labor-force participation rate for 16- to 24-year-olds is expected to decrease to 49.7% in 2024 from 55% in 2014, while participation for those 65 and older is projected to increase to 21.7% from 18.6%.

[SeekAndFind]

[Parmy]

he economy is expected to generate 9.8 million new jobs, a 6.5% increase, from 2014 to 2024, the Labor Department said in new projections released Tuesday. While steady, that is a historically slow pace. By comparison, 10-year job creation averaged almost 14% during the 2001-07 expansion and close to 17% during the 1990s.

I just did the math. That amounts to a little over 80000 jobs a month. From what I have been able to gather, the economy needs to create at least double that amount of jobs a month to just keep even with the number of people coming into the job market.

Then, this administration is letting in all of these unskilled Islamics who will spend all of their lives on the dole and plotting to kill those of us who pay the taxes to support them while they are on the dole.

[Sam Gamgee]

The article doesn’t even entertain that weak economic growth could be a factor. As in no job creation. What’s the use of minimum wage with millions of illegals and refugees to hire?