The projections are in, and the results show some clear winners and losers.
The U.S. Labor Department released its report on 10-year projections for job and industry growth. Here’s what’s in the report.
First, as just about everyone knows, the manufacturing sector will continue to drop, even after a loss of about two million jobs in the sector over the last year, and they are unlikely to return.
Total employment is expected to rise in the next 10 years by 15.3 million, or 10.1%. That’s better than the 7.4% increase in the most recent 10-year period, but the numbers can be deceiving, since the recession dragged down the numbers so badly in the most recent 10-year period. Plus, we’re starting at a low point in employment, so there’s a lot of room for growth.
Construction jobs will rise by 1.3 million, but even with the increase in sheer numbers, there will be a percentage decrease when compared with the job market as a whole.
The service sector expects to account for 96% of job growth in the next 10 years — in particular in professional and business services, and health care and social assistance. Jobs in health care, which grew even during the recession, will skyrocket.
Which positions will see the most growth — and which ones will you have the hardest time filling? The Labor Department projects increases of:
- 72% for biomedical engineers
- 53% for systems and data analysts
- 50% for home health aides
- 41% for financial examiners
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Tags: construction, health, jobs, service
December 24th, 2009 at 3:44 pm
What a waste of money these government economists are. Please, someone, fire the lot of them and
put them back into the productive sector.
Here is an equally valid forecast from a physicist. Government vote-buying programs will continue
to expand until it is impossible to borrow from China and Saudi Arabia to keep it going, so
the treasury will be forced to print money to meet its obligations. This will cause devaluation of the
dollar, which will lower the value of debt already held. This is an unstable feedback loop which will
end in the dollar being on par with the RMB and foreign goods being too expensive to import.
This will increase the demand for local
manufacturing, and force people out of service and government jobs into manufacturing and
construction.
lb
December 24th, 2009 at 5:52 pm
Blodget – I like your forecast and reference to the feedback loop.
There are good computer based high math financial modelling tools but government economists apply too many variable to use them.
You are right about dollar getting to par with RMB – that will be fun to watch on CNN News.
December 26th, 2009 at 1:34 pm
“fire the lot of them” at the next election. Need to start a program to elect persons of same mind now… Let all elected officials know where they stand. All organizations of any type should understand what is happening to the USA. Get the GOP organized and without doubt fund it.
December 26th, 2009 at 2:32 pm
An “equally valid forecast from a physicist”… in the same sense that government economists publish equally valid theories of physics.
December 28th, 2009 at 10:27 am
These government lackeys couldn’t FIND a job in the private sector – that’s why they are where they are.