Economics
US Job Growth Projected to Slow This Decade as Labor Force Ages
- Economy seen adding 8.3 million jobs through 2031, BLS says
- Slower population growth expected to constrain labor force
Job seekers wait in line to enter a job fair in Garden Grove, California.
Photographer: Jonathan Alcorn/Bloomberg
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The US economy is expected to create jobs at a slower pace over the coming decade, and younger Americans are less likely to be part of the labor force, according to the latest projections from the Bureau of Labor Statistics.
The BLS projects that the overall labor force participation rate will drop to 60.1% in 2031, from 61.7% last year. And even though the pandemic was seen as spurring a wave of earlier retirements, the BLS expects that the share of older Americans in the labor force will keep climbing. By 2031, 9.1% of workers are expected to be at least 65 years old -- roughly triple the share three decades earlier.