Employment Outlook for 2006-2016
In December 2007, the Bureau of Labor Statistics (U.S. Department of Labor) released its hiring outlook for the years 2006 to 2016. The report organizes its employment projections by industry and job, and describes anticipated changes in the U.S. economy and labor force.
There are no big surprises in the employment outlook, but it's helpful for planning career choices and the education or training they require.
Baby Boomers Retiring, Creating Many Job Openings
The Bureau of Labor Statistics anticipates that total hiring will increase by 15.6 million jobs, or 10 percent, between now and 2016, which is a little less than the job growth between 1996 and 2006. While more racially and ethnically diverse, the current and future labor force is probably slowing down in its growth because baby boomers are nearing retirement. The need to replace these workers will create a significant number of job openings in the decade ahead.
Employment Outlook by Industry
Service-providing industries will generate almost all of the employment increases from 2006 to 2016 and will provide more than three-quarters of all jobs in 2016. More than half of the next decade's total employment will be in professional and business services and health care and social services. The 10 industries with the largest projected growth in earnings are in the service sector.
Construction is the only industry in the goods-producing sector projected to grow. Employment in manufacturing, including the printing industry and motor vehicle parts manufacturing, will continue to decline. Consider re-training programs in new fields where your knowledge may transfer well.
Employment Outlook by Career
Professional careers and service careers are projected to grow the fastest and to add the most jobs between now and 2016. An interesting fact: these two job groups are at opposite ends of both the education range and earnings range.
Nineteen of the 30 career sectors with the largest projected job growth are in professional occupations and service occupations, while 28 of the 30 fastest growing career sectors are in professional occupations and service occupations.
Production careers and farming, fishing, and forestry occupations are the two major occupational groups projected to lose employment over the decade.
Employment Outlook by Education and Training
A bachelor's degree or higher is the most significant source of education or training for 15 of the 30 fastest-growing careers. Short- or moderate-term on-the-job training is the most significant education or training for 19 of the 30 occupations with the largest projected job growth.
Looking for the right college degree to suit your career goals and busy schedule? Many schools offer classes with start dates throughout the year.
Source: Occupational Outlook Quarterly Online, Fall 2007, Vol. 51, Number 3, and the Monthly Labor Review. Bureau of Labor Statistics, U.S. Department of Labor.