Follow U.S. Immigration and U.S. Life: Recently, the United States Department of Labor released its employment projections for 2014 to 2024. It is estimated that U.S. employment will grow by 10.8% over the next 10 years, adding 15.6 million new jobs, with the healthcare services sector seeing the largest increase in new employment.
From 2014 to 2024, the labor force is expected to grow at an annual rate of 0.5%, lower than the 0.7% average annual growth rate of the previous 10 years, primarily due to the baby boomer generation reaching retirement age. The labor force participation rate is projected to decline from 63.7% in 2012 to 61.6% in 2022, continuing the previous downward trend. Slow labor force growth will limit the pace of economic expansion, with an estimated average annual economic growth rate of 2.3% from 2014 to 2024.
According to the employment report released by the U.S. Bureau of Labor Statistics on Tuesday, there are currently 90.609 million Americans aged 16 or older who are not in the labor force. If the number of unemployed persons is included, nearly 100 million people in the United States are not working.
According to the definition provided by the U.S. Bureau of Labor Statistics, an individual is considered part of the labor force if they are 16 years of age or older and have either been employed or actively seeking work within the past four weeks.