- Labor force growth will slow and participation will decline in the coming decade, according to Sept. 1 predictions from the U.S. Bureau of Labor Statistics (BLS). Those projected changes will be due in part to the fact that every member of the baby boomer generation will be over 65 by 2029.
- The projections forecasted an increase of six million jobs by 2029. However, BLS said it expects a decline in labor force participation rate, from 63.1% to 61.2%. The analysis did not include data relating to the COVID-19 pandemic, as it was completed using historical data.
- BLS predicted social services and healthcare will add the most new jobs in the coming decade. Of the ten projected fastest-growing occupations, six are related to healthcare, with "home health and personal care aides" the fastest growing occupation by far. Of the fastest-growing occupations outside of healthcare, information security analysts and statisticians were the ones most associated with "traditional office" or "knowledge-based" work while two technical trades associated with renewable energy were also on the top-ten list.
U.S. employment is rebounding from the effects of the coronavirus pandemic, with experts noting positive signs after the latest BLS jobs report.
Those who follow the labor market closely are likely not surprised to see healthcare, IT, data and technical trade roles listed as the occupations expected to grow the most. Many private and nonprofit initiatives geared toward upskilling workers for the job market of the future are focused on these areas. For example, Microsoft used LinkedIn data to identify a list in-demand jobs, which it is building pathways for through its 'Accelerate' program.
Based on the BLS projections, manufacturing and retail may lose the most jobs between now and 2029, making retraining and upskilling important for these workers. In fact, Guild Education, a company which grew to a billion dollar valuation based on its success implementing education as an employer benefit, is now also positioning its offerings as an outplacement service.