Job growth expected to slow sharply over the next decade, Labor Department says

[TomCADem]

Source: CNBC

The pace of job gains over the next decade will slow considerably amid a sharp decline in the active labor force and an aging population, according to Labor Department projections released Tuesday.

From the period of 2020-29, the economy is expected to add a net 6 million new jobs, an annual growth rate of just 0.4%, the Bureau of Labor Statistics estimates.

That compares with the 1.3% annual rate during the 2009-19 period, which got a boost from the Great Recession recovery that started in mid-2009 and ended up being the longest expansion in U.S. history before it ended in February of this year.

The slow growth rate also does not include the impacts of the coronavirus pandemic, which cost the economy more than 25 million jobs initially before employees were brought back to work as restrictions eased to combat Covid-19. Some 16.3 million workers remained unemployed as of July, nearly 11 million more than the pre-pandemic level, according to the Labor Department.

Read more: https://www.cnbc.com/2020/09/01/job-growth-expected-to-slow-sharply-over-the-next-decade-labor-department-says.html

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Heckuva job Trump. This estimate does not even include the impact of the pandemic. What it does reflect is the restrictions on immigration, which have mitigated against the impact of an aging population.

[IronLionZion]

1. GOP will give trillions in stimulus to big corporations

that will fix this problem.

[yankee87]

6. Trickle Down

It's been only 40 years since Ronnie Raygun's trickle down tax cuts were enacted. They will work, just give them time.

[jaxexpat]

2. In a society notable for it's incapacity to deal with the rise of technology.....

and it's impact on an economy dominated by the interaction of labor/employment/consumerism how could anyone imagine that same society could anticipate how the end of the baby boomer generation's economic dominance would play out?

I hate run-on sentences. People should get 10 yrs. hard time, called bad names, plus life and a day running concurrently for run-on sentences.

Good catch on the immigration mitigation, too. And of course Trump's type don't care one bit either way. Which is. Just as well since they're actually incapable of doing any right thing, ever.

[roamer65]

3. Welcome to a service economy in the times of a pandemic.

Raygun hailed and fostered a service economy. Yet another Repuke fail.

[bucolic_frolic]

4. Producing value is information and knowledge driven

Time was only big capitalists could mix resources and create value. Labor was one of their resources.

Now with mobile digital information people have the potential to create their own value.

What's to worry about is those without access or skills or knowledge. They must feed off the scraps of the service economy.

One of the best books I ever read, or at least the one that shaped my economic thinking, was Paul Hawken's "The Next Economy". It wasn't popular, in fact it's not in my library. But it dealt with how information led to better long term decisions and product durability, which was cheaper in the long run.

Essential industries - food, energy, housing, transportation - will be fine. But much else is decentralizing. And I continue to think the move to home gigs in response to the pandemic will be permanent or partly permanent for many workers and industries. It's cheaper, to work from home - for workers and for businesses. Lots of commercial real estate will be dirt cheap for a long time.

[groundloop]

5. So THAT's why GOPers want to kill Social Security, to force us retirees back to work.

And I'm only halfway joking, I wouldn't put it past the motherfuckers.

[Doreen]

7. Don't forget the blind, deaf, mute, armless, and legless person getting

that 18 hour hard labor job for just a few cents an hour and absolutely no benefits or time off whatsoever......oh.....wait....we are not China!! Yet.

[Warpy]

8. Doom and gloom about the GOP aside, the problem will be increasing automation

especially AI driven automation, eliminating jobs. We can see the potential of a lot of this stuff in Asia right now. It's not just a misanthrope's wet dream, it's a reality.

Well, if the system holds together in its present form. Some of it is looking awfully shaky these days.

[progree]

9. 16.3 M unemployed my ass. Then why are 27.0 million claiming benefits according to the DOL?

https://www.dol.gov/ui/data.pdf

The total number of people claiming benefits in all programs for the week ending August 8 was 27,017,232, a decrease of 1,042,323 from the previous week. There were 1,644,315 persons claiming benefits in all programs in the comparable
week in 2019.

This is the latest information. There's a 2 week lag in the federal Pandemic Unemployment Assistance (PUA) program, which is included in the 27.0 million. That's the program for gig and contract workers, who are not eligible for regular state unemployment benefits.

[BigmanPigman]

10. As usual, Dems will have to clean up another GOP economic disaster

and as usual, most GOP voters will forget it within 1 year and will vote GOP again and again. So stupid....voting against your own best interests because you are so stupid you believe all the Murdochs and Kochs year in, year out.