The U.S. economy is expected add another 11.5 million jobs by 2026, as an aging population and longer life spans raise the need for health care providers. The total U.S. workforce is expected to grow to 167.6 million people.
Tuesday’s projections come from the U.S. Bureau of Labor Statistics, which says job growth will accelerate slightly from its current pace, but it will not return to the brisk gains seen the over previous decades. The BLS updates its job outlook every two years as new information becomes available.
The percentage of the workforce over age 55 will rise to nearly one-quarter in 2026, a sharp increase from the less than 17 percent back in 2006. People in their 50s and 60s may retire, which is one reason experts expect workforce participation rates (the percentage of working age people who have jobs or are seeking work) to decline.
Over the decade, nine out of 10 new jobs will be in the services sector, particularly health care. Employment by companies that produce goods is expected to grow at a meager one-tenth of one percent a year, with a gain of just 219,000 jobs by 2026.
The workforce is expected to become more diverse as Asian and Hispanic parts of the U.S. population grow more quickly than average. Whoever is in the workforce will find additional education important, as two out of three jobs in the fastest-growing areas require at least some post-secondary education and training.
And the whole economy is predicted to expand at a two percent annual rate. That is faster than the current growth rate, but below the gains seen in previous decades.your ad here