Predicting employment, labor force or market changes is tricky. These predictions have limitations because sometimes they do not take into considerations any big market-swings or recession. What can we expect in the following year on the job market?
Industries in 2018, a report by The Economist, predicts that technology will be the game changer in the following year, while political risk will also be a factor. This report looked closely at six industries: automotive, consumer goods and retail, energy, financial services, healthcare, and telecoms. The changes are already quite noticeable in retail, where online shopping is changing the old “shopping culture”. Companies and whole industries will need to be more flexible in 2018, while being aware of new regulations, new competitors, and new consumer demands.
Projections for 2016 – 2026
The U.S. Bureau of Labor Statistics recently published their updated Employment Projections for 2016-2026. According to this report, the employment is predicted to increase by 11.5 million over the next decade. Partly thanks to the aging population and longer life expectancies, health care industries are expected to significantly add to the growth of new jobs. The generation of baby-boomers is aging and will increase the share of workers age 55 and older. In 2016 the share was 11.9 %, in 2026 it is expected to reach 1/4 of the labor force.
According the BLS’s Occupational Outlook Handbook, the demand for health services will continue due to the aging population during the 2016–26 projections decade. Healthcare support occupations and technical occupations are among the top fastest growing occupational groups. These two groups are expected to to contribute about one- fifth of all new jobs by 2026. Also, most of these fast growing jobs will require some level of postsecondary level to work in these fields (19 out of 30).
Groups with faster than average growth are predicted to be:
- healthcare support occupations (23.2 %)
- technical occupations (15.2 %)
- personal care and service occupations (18.2 %),
- community social service occupations (13.5 %)
- computer and mathematical occupations (13.5 %)