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  • Writer's pictureTSN Wealth Advisors

Labor Market Update

Job creation and expansion is becoming prevalent in almost every major sector of the U.S. economy. Of the various sectors, construction, retail trade, and business services are seeing the most job growth.

Aiding labor markets as well is the participation rate among prime age workers (25-54 year olds), which has risen to levels not seen since before the financial crisis of 2008.

The Bureau of Labor Statistics developed an ongoing assessment of growing occupations within the U.S. labor markets, known as the Occupational Employment Statistics Program. The most recent data from the program has identified and projected what the fastest growing occupations are expected to be over the next 8 years. The data include projections from 2016 to 2026.

The program projects the largest job growth to occur in the renewable energy and health care sectors. Solar panel installers, wind turbine technicians, home health care aides and nurse practitioners are among the fastest growth occupations.

A variety of factors determine where the growth will be, including regulatory, technology, demographics, and economic activity.

Source: Labor Department

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