The latest Labor Department job growth report includes some optimistic news among mostly dismal numbers. It is expected that job growth will occur in the services sector, particularly heath care and the federal government itself. See the data below.
Overall the unemployment rate today remains above 10% which is terrible news for the economy and politically damaging to the Obama administration. The historic contraction in our labor markets is the primary reason that the president’s approval rating has dropped precipitously below 50% this year.
But it is not all bad news in the labor market forever. The Bureau of Labor Statistics predicts robust rob growth in the next ten years in the services sector of the economy. Professional and business services will add over 4 million new jobs from today. Those are mainly computer professionals, management consultants, accountants, and lawyers.
According to the Labor Department, job growth will also occur in the health care industry whether or not Congress and the Administration succeeds in passing health care reform. Home health care workers are expected to gain the most, as well as employment in nursing care facilities. Unfortunately these are among the lowest paid and highest stress jobs in health care. The number of physicians is expected to shrink under the congressional health care plan, while (ironically) office workers will increase to handle paperwork.
Manufacturing jobs are expected to continue their decades-long decline while construction jobs will remain mostly stagnant says the labor department. This part of the forecast continues to conflict with claims made in the White House earlier this year.
You can read the full report unedited at the Bureau of Labor Statistics official website which is located here.
The total math is that 15 million jobs will be added in the next ten years, which interestingly barely keeps up with expected population growth. So reading between the lines, the Labor Department job growth forecast will see continued unemployment approaching 10% for the foreseeable future. And the jobs themselves will be lower paid than what came before.
Not a very good outlook. See the video on the job market claims made earlier this year, and then tell us what you think about the latest Labor Department’s job growth news.