US Economic Outlook 2015-16

July 1, 2015

in Manage Your Finances

Authored by Mark Stimpfig

US Economic Outlook 2015-16

The Bureau of Labor Statistics (BLS) expects total US employment to increase by 20.5 million jobs from 2010-2020. While 88% of all occupations will experience growth, the fastest growth will occur in healthcare, personal care and social assistance, and construction. (Source: BLS Occupational Outlook Summary)

The BLS predicts that the economy will fully recover from the most recent US recession by 2020 and the labor force will return to full employment, or an unemployment rate of 4-5%. The biggest growth (5.7 million jobs) will occur in healthcare and other forms of social assistance as the American population ages.

The next largest increase will occur in professional and technical occupations, which is predicted to add 2.1 million jobs. The lion’s share of these roles will be in computer systems design, mobile technologies, and management, scientific and technical consulting. Businesses will need advice on planning and logistics, implementing new technologies, and complying with workplace safety, environmental, and employment regulations.

Other large increases will occur in:

  • Education (1.8 million jobs)
  • Retail (1.7 million jobs)
  • Hotel/Restaurants/Hospitality (1 million jobs)
  • Miscellaneous Services (1.6 million jobs) — This category includes human resources, seasonal and temporary workers, and waste collection.

As housing recovers, construction will add 1.8 million jobs, while other areas of manufacturing will lose jobs due to technology and outsourcing.

For more detail, see the BLS Outlook on Employment.

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