"Creative Destruction" In The Workplace
January 24, 2000
Between 1998 and 2008, the U.S. economy will create 20.3 million new jobs, according to the Department of Labor. While almost all of the gains will be in the services-producing industries, the goods-producing sector won't lose jobs -- because rising construction employment is expected to offset declines in mining and manufacturing.
Here are some of the department's latest projections:
- The manufacturing sector will shed only 89,000 jobs -- compared to 542,000 in the prior decade -- mainly due to strong productivity growth.
- Federal payrolls are expected to shrink -- but states and localities could add some 2 million jobs.
- Health services and computer and data processing services will be fast-growing employment sectors -- with gains of 2.9 million and 1.9 million jobs, respectively.
- Temporary help is expected to rise by more than 40 percent -- to 4.6 million.
All of the five fastest growing individual occupations will be computer related.
Some occupations, such as those related to retail, will also generate large numbers of additional positions because of their relative size in the economy.
Of some 55 million job openings created by both growth and replacement needs over the decade, growth will account for just 37 percent, with 63 percent created by retirements and deaths.
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