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(9/15) Aging Boomers Will Slow Labor Force Growth

By Joanne Kaldy / September 15, 2020

According to U.S. Bureau of Labor Statistics (BLS) projections, the labor force will grow slowly and participation will decline in the coming decade. Among the findings:

  • The slow workforce growth is due in part to the aging of the baby boomer generation, all of which will be age 65 by 2029.
  • An increase of six million jobs is predicted by 2029.
  • Labor force participation is expected to decline from 63.1% to 61.2%.
  • Social services and healthcare will add the most new jobs in the coming decade. Of the 10 projected fastest-growing occupations, six are related to healthcare. Home health and personal care aides top the list.
  • Outside of healthcare, information security analysts and statisticians are in greatest demand.
  • Retail may lose the most jobs between now and 2029.

 

Read the full article.

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