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The
labor force is growing more slowly
A substantial
slowdown in the pace of labor force growth is projected for
the 2015-25 period as the baby-boom generation retires. The
baby-boom generation was born from 1946-1964. The oldest baby
boomers turn 55 in 2001.
The labor force is getting older
The median
age of the labor force is rising. One-fifth of men in the
labor force are veterans. The median age of these workers
is 50 years, compared with 39 years for nonveterans.
More
women are working today than in the past
Women
now account for 47 percent of the labor force, up from 40
percent in 1975. Among married-couple families where both
the wife and the husband work, about one-fifth of the wives
earn more than their husbands.
Minorities
are the fastest growing part of the labor force
Asians
and Hispanics have the fastest labor force growth primarily
because of immigration. White non-Hispanics will still be
the largest labor force group, accounting for about 71 percent
of the labor force in 2008. Hispanics will account for 13
percent, black non- Hispanic for about 11 percent, and Asians
and other groups for about 5 percent.
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Immigrants
are found at the high and low ends of the education scale
Only about
7 percent of 25-34 year old workers born in the U.S. have not completed
high school. In contrast, about 26 percent of recent immigrants
in that age group have not obtained a high school diploma. At the
same time recent immigrants age 25-34 are more than twice as likely
as their U.S. counterparts to have a master's or higher degree.
Education
Pays
College graduates
age 25 and over earn nearly twice as much as workers who stopped
with a high school diploma.
Some jobs
with above-average earnings do not require a bachelor's degree,
but most requires substantial training
Workers could
develop the skills needed after a completed demonstration of on-the-job
experience or instruction. On-the-Job Training programs require
different lengths of time for completion which could range from
short term, moderate to long term of up to 12 months of job training
or combined work experience and classroom instruction.
Workers
with computer skills are in demand
Of the 10 fastest
growing occupations, the top 5 are computer related.
The ten
occupations that will generate the most jobs range widely in their
skills requirements
Systems analysts,
retail salespersons, cashiers, general managers and top executives,
truck drivers, office clerks, register nurses, computer support
specialists, personal care and home health aides, teacher assistants
are the ten occupations projected to add a total of about 5 million
jobs during the 1998-2008 period, nearly one fourth of the projected
job growth over the decade.
Benefits
account for more than one-quarter of total compensation
Legally required
benefits (Social Security, Medicare, Unemployment, insurance, and
workers' compensation) account for the largest share of benefit
costs- nearly three tenths of the total.
Retiring
plans are changing
With more retirement
plan choices, today's workers are increasingly responsible for their
own retirement planning. About half of all American families owned
publicly traded stock in 1998; the proportion had been only one-third
a decade earlier. Families own stock in many different ways - through
direct ownership, mutual funds, retirement accounts, or other managed
assets.
Workers
will be supporting more Social Security recipients
The Social
Security Administration expects that before the middle of the 21st
century there will be only two workers for every Social Security
beneficiary; as recently as 1960 there were five workers for every
beneficiary.
The trend
in years spent with an employer is down for men and up for women
Over the last
two decades, the number of years men have been with their employer
has fallen. In contrast, the number of years women have been with
their employer has risen slightly.
The temporary
help industry has grown rapidly
The number
of jobs in the temporary help industry grew sharply for much of
the 1980s and 1990s. The industry accounts for less than 3 percent
of total nonfarm employment. Workers employed by temporary help
agencies work in all sectors of the economy, but notably in the
services and manufacturing industries.
The most
common alternative employment arrangement is independent contractor
About 13 million
people work under alternative employment arrangements, as independent
contractors, temporary help workers, contract workers, or on-call
workers.
Most mothers
work
Nearly three-quarters
of all mothers are in the labor force. Even among mothers with very
young children, more than sixty percent are in the labor force.
Unmarried mothers are more likely than married mother s to work.
Married
couples are working longer
Among married
couples, the combined weekly hours of husbands and wives are rising.
In 1969, couples age 25-54 worked an average of 56 hours a week.
By 2000, this has increased to 67 hours. The increase mostly reflects
the fact that more and more women are working, with those who work
increasingly likely to be employed year round.
The workplace
is becoming safer
A total of
5.7 million injuries and illnesses occurred in private industry
workplaces in 1999. This resulted in the lowest rate recorded (6.3
cases fro every 100 full time workers) since Federal data collection
began in the early 1970's. Highway crashes are the leading cause
of on-the-job fatalities. Falls are the second-leading cause of
workplace deaths, and homicides are third.
Source:
Katharine G. Abraham, Commissioner, Bureau of Labor and Statistics,
U.S. Department of Labor
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