The Future Job Market
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Job market statistics, given by the US Bureau of Labor, see total employment increasing by 10 percent from 2006 to 2016. However the growth in jobs will be distributed unevenly amongst the major industrial and occupational groups. Factors such as technology, population growth and consumer demand plus economic growth will determine the future job market structure that emerges over the next few years in the US economy.
What changes can you expect to see
The move from employment in the goods-producing sector to the service-providing sector continues. Service-providing jobs will increase by approximately 15 million new jobs by 2016 while there will job losses overall in good-producing industries.
Where employment will increase
In the service-providing sectors of education and health services jobs are expected to increase by about 18 percent, an increase of about 5 million jobs which is more than any other industry sector. It is estimated that more than 3 out of every 10 new jobs created in the US economy will be either in healthcare and social assistance or public and private educational services.
The increase in healthcare and social assistance will be due to the aging population and longer life-expectancies. Women entering the workforce increases the need for childcare. View the Nursing Interview Guide here.
Educational services will grow because of increasing number of student enrollments throughout the educational system. The high school class of 2008 numbers nearly 3.4 million, the largest in U.S. history!
Professional and business services will grow by approximately 4 million new jobs. This growth will be biggest in the administrative, employment, support and waste management services. Demand for temporary and seasonal workers in the future job market is expected to increase and drive the growth in employment services.
The biggest growth area in the scientific and technical services sectors will be in computer systems design and related services. This is fueled by the increasing use of information technology and the need to maintain system and network security. Technical consulting services will see a large growth in jobs due to the increased use of new technology and increased complexity of business.
Employment growth in the information sector will be most evident in computer-related industries such as software publishing, internet publishing and wireless communication.
New jobs in the leisure and hospitality sectors will mostly be in amusement, gambling and recreation industries. In accommodation and food services most of the new jobs, about 79 percent, will be in food and drinking establishments driven by population increases, more dual-income families and the convenience offered by many new food places. Jobs in food preparation and food service are expected to add the most jobs among service-providing occupations.
Transportation and warehousing will also see an increase in jobs with employment in truck transportation growing but decreasing in rail transportation. Rapid growth is expected in the warehousing and storage sector as manufacturers continue to outsource their transportation and storage functions.
Retail trade employment is expected to increase but at below average growth rates. Consumer demand has been hit by the current economic difficulties
The future job market sees jobs in the finance and insurance sectors growing due to the needs of an increasing population, baby boomers in their prime saving years and the number of new types of insurance products on the market.
Local and state government employment is expected to grow by 7.7 percent as the Federal government continues to move responsibility to these governments. As a result Federal government employment will drop.
Where employment will decrease
Employment is expected to decrease 3.3 percent overall between 2006 and 2016 in the goods-producing and manufacturing sector but it will vary from industry to industry. For example in the construction industry employment is predicted to grow by about 10 percent, particularly in commercial and road-related construction.
In the manufacturing sector employment is expected to decline by about 10.6 percent which translates into 1.5 million jobs by 2016. This will be mostly seen in household appliance manufacturing, machine manufacturing, clothing manufacturing and computer and electronic manufacturing due to increased productivity, automation and global competition. However employment in pharmaceutical and medicine manufacturing will increase in line with the big employment growth in the healthcare industry.
Reviewing available research on the future job market and understanding future employment trends helps in making well-informed career decisions. Knowing where the opportunities of tomorrow are will help with both your job search and employment decision.
(Statistics made available by the U.S. Bureau of Labour)
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