Experts suggest that to return to 5% unemployment the economy will need to create about 15 million jobs in the five years. This volume of job creation would satisfy the job needs created by the expansion of the population, while replacing jobs for the recently-unemployed.
The Bureau of Labor Statistics released a projection of the 10 industries that will post increases in employment over the next decade. The trend is towards growth in skilled professions, accentuating the importance of education and job training to help qualify the unemployed population for new positions.
But…and there’s a big “but” here…this projection accounts for fewer than 5.5 million jobs over the next decade. It doesn’t include reductions in other declining industries.
As I’ve observed before, and as is outlined more persuasively and objectively by experts, the US economy is going to have to accommodate the social and financial expense of these families. It’s going to be a drag.
