Labour Market

US Employment Outlook to 2032

The U.S. Bureau of Labor Statistics (BLS) has recently released new employment projections for the period 2022 to 2032. Total employment is projected to grow by 4.7 million jobs, from 164.5 million in 2022 to 169.1 in 2032.

A key insight from the projections is the dominance of the health care and social assistance sector. Close to half of the anticipated job growth, 2.1 million (45%), is expected to come in the health care and social assistance sector. This is driven by both the aging population and a higher prevalence of chronic conditions, such as heart disease, cancer, and diabetes, according to the BLS.

Professional and business services are also expected to grow strongly over the projection period. One of the main drivers of growth is the computer systems design and related services industry, which on its own is expected to add 474,800 jobs to meet growing need for IT solutions and cybersecurity products and services.

The transportation and warehousing sector is also poised for a notable increase with close to 570,000 new jobs, a response to the continued expansion of online shopping and delivery needs.

As consumers increasingly opt for online purchases, the retail trade sector is bracing for a reduction, foreseeing a loss of 529,100 jobs. However, strategies like buy-online-pick-up-in-store might offer some support for employment growth, the BLS said.

The manufacturing sector is navigating challenges with a predicted job loss of 113,400 by 2032 due to increased automation. Yet, there’s optimism with the rising demand for electric vehicle batteries, particularly in battery production.

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