Projections overview and highlights, 2019–29

Employment and real output growth are projected to slow from 2019 to 2029. One in four people will be ages 65 and older in 2029, contributing to slower projected growth in the labor force and a continued decline in the labor force participation rate. The aging population is expected to continue to drive strong demand for a variety of healthcare services, with 3.1 million jobs projected to be added in the healthcare and social assistance sector through 2029. The U.S. Bureau of Labor Statistics (BLS) projects 0.4-percent annual growth in employment over the 2019–29 decade.1 This projected growth is slower than the growth that occurred over the 2009–19 decade, which was marked by faster recovery growth following the trough of the 2007–09 Great Recession. The total economy will add about 6.0 million jobs, with employment reaching a level of 168.8 million in 2029.