The U.S. economy is projected to add almost 4.7 million jobs from 2022 to 2032, according to new BLS projections. Total employment is projected to grow by 0.3% annually, which is slower than the 1.2% annual growth rate between 2012 and 2022. Meanwhile, real gross domestic product (GDP) is expected to grow 1.9%, which is in line with the previous two decades.
The reason for the slower employment growth will be slower population growth. As the U.S. population continues to age, labor force participation will also decline.
The healthcare and social assistance sector will grow the fastest (15.4%) over the decade and account for 45% of all projected job gains. Large increases are expected in employment for home health and personal care aides, nurse practitioners, and medical and health services managers. The computer and mathematical sector will also experience faster-than-average growth, especially for data scientists, statisticians, and information security analysts.
The retail trade and manufacturing sectors are projected to lose jobs due to a continued shift to online shopping and process automation, respectively.