From Home Furnishing Business
Fast Fact: Diversity Increases as U.S. Labor Force Ages
Although unemployment is down and an additional 10.5 million people are expected to be employed over the 2016 to 2026 decade, data from the Bureau of Labor Statistics shows the projected shifts in the labor force due to an aging population and changing demographics.
The growth of White non-Hispanics in the labor force will decline further after falling 3.6 percent from 2006 to 2016, dropping a projected 2.4 percent over another decade. Both the Hispanic and Asian groups will increase their share of the labor force to 20.6 percent and 7.2 percent by a projected 2026.
As the younger generation’s participation in the labor force declines, and the workers over 65 increases, the median age of the Civilian Labor Force is expected to continue upward. All races are projected to have a median age above 40 with the exception of Hispanics at age 39.3 by 2026.
For an in-depth look at the data, click here.