|Fulfillment@Work: JOB MARKET PREDICTIONS
February 7, 2000
Welcome to the Fulfillment@Work Newsletter
Published by Joel Garfinkle, Dream Job Coaching
1. Job Market Predictions
2. Quotes of the Week
Job Market Predictions 1990's-2005
The Bureau of Labor Statistics predicts that service-producing jobs will account for 93% of all job growth over the period. Health services and business services (which includes computer and data processing services) will be among the fastest growing areas. Education, child day-care, and residential care will also grow, driven primarily by demographics.
Financial services such as banking and insurance will continue to lose jobs due to consolidation of functions and increased productivity from the application of technology. Manufacturing employment is projected to decline due to technology-based productivity increases, and the composition of manufacturing jobs will shift as production jobs decrease and managerial jobs increase. Construction is expected to increase substantially, and growth in agricultural services will help fuel modest growth in the agriculture, forestry and fishing division.
Projections for occupational groups show the fastest growth rates for those requiring higher levels of education or training:
1) professional specialty
(2) technicians and related support
(3) executive, administrative, and managerial.
These occupational groups are also those that have the highest earnings. Since demographics drives employment growth overall, the aging of baby boomers over the 1992-2005 period will create a glut of highly experienced workers competing for the best jobs.
On a regional basis, the U.S. Bureau of the Census projects that the West (24%) and the South (16%) will continue to be the fastest growing regions, while the Midwest will grow 7% and the Northeast will only grow 3%.
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Quotes of the Week
It is good to dream, but it is better to dream and work. Faith is mighty, but action with faith is mightier.
~ Thomas Robert Gaines
Do not go where the path may lead, go instead where there is no path and leave a trail.
~ Ralph Waldo Emerson
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