Less than one-third of the previous decade! The US Department of Labor warns that employment growth may slow to 0.4% in the next ten years

The Zhitong Finance App learned that according to the latest forecast from the US Bureau of Labor Statistics, the US labor market is expected to grow at a rate of 0.4% per year by 2033, which is less than one-third of the previous ten years.

The US Bureau of Labor Statistics said in a report released on Thursday that this annual growth rate means that 6.7 million jobs will be added in the next ten years, or about 55,000 per month.

The main reason is a slowdown in population growth. The US Bureau of Labor Statistics predicts that by 2033, the “non-institutional population” (not including prisoners or people serving military service) will increase by 16.4 million. This is about 5 million less than the previous decade, and this is the slowest rate of growth predicted by the Bureau of Statistics since it began publishing this data in 1948.

One effect of the slowdown in population growth is that older people will make up a larger share of the population. As these Americans are less likely to work, the overall labor force participation rate is expected to drop by about 1.4 percentage points to 61.2% over the next ten years, with both men and women falling.

According to the US Bureau of Labor Statistics, an aging population and “rising incidence of chronic diseases such as heart disease, cancer, and diabetes” are expected to drive employment growth in the healthcare and social assistance industry.

At the same time, the decline in the number of young people, including school-age children, is expected to reduce the demand for educational work.

The US Bureau of Labor Statistics also predicts that retail employment will drop by 0.2% each year due to technological advances and the spread of e-commerce. The agency anticipates that automated systems, including artificial intelligence, will result in fewer jobs for office and administrative support staff.