Question

Describe two overall projections and their expected impact on the economy from the Monthly Labor Review "Projections-Overview and Highlights."

Answer 1

In the next 10 years, the population and the economy will rise more gradually than they have traditionally been. The employment rate of the population will begin to fall, although more slowly than in the previous decade. For certain subgroups, participation in the workforce is expected to increase. The labour force participation rate for people aged 65 and older is expected to rise.

Women in the Working age Group, aged 25 to 54, are expected to raise their participation rate marginally. All of these forecasts are based on emerging structural developments in the economy.
The overall real output of the service-providing sectors is expected to rise marginally faster than the total production of the economy from 2018 to 2028.

While employment in the goods-producing sectors is projected to rise at an annual rate of 0.1% between 2018 and 2028, real production in these sectors is projected to increase by 1.6% annually over the decade.

By 2028, service-providing industries are expected to account for more than 85 per cent of all wage and salary jobs in the economy and for most of employment growth.

Overall, employment is expected to increase by 5.2 per cent from 2018 to 2028, which is higher than the estimated growth rate of 7.4 per cent for the 2016–26 decade. Employment growth from 2018 to 2028 is expected to be the highest in occupational groups offering health and related services and in food processing and serving professions and machine and mathematical occupation classes.