In a recent virtual presentation to the New York chapter of the International Association of Workforce Professionals (IAWP) (see video below), Bruce Bergman from the Bureau of Labor Statistics (BLS) offered valuable insights into the current state of job openings, hiring rates, and labor market projections. Moderated by Frank Padula, Director of the Telephone Claims Center at the New York State Department of Labor, the session provided an engaging overview of workforce trends and future outlooks.
Current State of Job Openings and Hiring Rates
Bergman began by discussing the current state of job openings and hiring rates, noting that they have been lagging behind the national average. He emphasized the importance of BLS data for informing decisions by job seekers, businesses, and government officials. While the BLS doesn’t predict future trends, it projects current trends based on available data.
Labor Market Projections: 2023 to 2033
The presentation highlighted labor market projections for the next decade. The BLS estimates that the U.S. economy will add 6.7 million jobs by 2033, with an annual growth rate of 0.4%—a notable slowdown compared to the previous decade’s 1.3% growth rate. Bruce attributed this to factors like an aging workforce and slower population growth.
He identified healthcare and social assistance as the primary drivers of job growth, projected to increase by 10% over the next decade. Professional and business services, particularly in IT, are expected to be another area of expansion. Social assistance services, including career counseling and community support, were also highlighted as significant contributors.
Job Openings vs. Employment Growth
Bruce made an important distinction between job growth and job openings. He explained that industries like software development, while experiencing high growth, may not have a corresponding number of job openings due to turnover factors like voluntary quits, which are more frequent than layoffs or retirements.
New Skills Data and Its Implications
A major development shared by Bruce was the release of new “skills” data by the BLS. This data categorizes over 100 factors into 17 skill categories, including adaptability, detail orientation, and interpersonal skills. Bergman emphasized that this new data offers a much clearer picture of the skills in demand across various occupations, which is essential for both employers and job seekers navigating the evolving labor market.
Resources for Labor Market Insights
Bruce also spotlighted several key resources available through the BLS, such as the Occupational Outlook Handbook and Career Outlook Magazine. These tools offer detailed national and local data on job openings, wages, and employment requirements, and are invaluable for workforce professionals and policymakers alike. He encouraged participants to explore these resources for more granular insights.
Closing Remarks and Follow-Up
The session concluded with Bruce expressing his gratitude for the active participation of attendees and offering his assistance for any further inquiries. Frank Padula’s moderation was praised for its professionalism, keeping the session smooth and focused. Frank Padula also promised to distribute the presentation materials and links for additional information to attendees.
Bruce Bergman’s presentation, expertly moderated by Frank Padula, provided a comprehensive overview of the current job market and labor force trends. The introduction of new skills data, combined with in-depth labor market resources, equips workforce professionals with powerful tools to navigate the changing landscape of employment and hiring.