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.