(6.01) Employment & Wages [New] The lackluster US wage growth is a bit concerning, given that many economists anticipate a boost in wages to coincide with falling unemployment. [New] Even in countries where wage employment is growing fast, the low base of wage employment and the pace at which youth enter the labor force imply that wage employment will absorb only a small share of the job seekers over the coming 10-15 years. [New] The demand for HVAC technicians continues to grow and the Bureau of Labor Statistics estimates that employment will grow by 15% until 2026, which is much faster than the average for all occupations. [New] The Euro area will grow by 1.2 percent, while the overall growth in the EU bloc will stand at 1.4 percent. There are now 18 million healthcare workers in the United States - 80% of whom are women - and healthcare employment is projected to grow 14% from 2018 to 2028, much faster than the average for all occupations. Wages will continue to be a big issue: In 40 years, the purchasing power of workers' wages has fallen by more than 80 percent. The International Monetary Fund projects that China's real GDP growth will fall from 6.6 percent in 2018 to 5.5 percent in 2024; other estimates put the growth rate at an even lower number. A yearly rise in green investment of 2% of global output, or about $1.7 - trillion, will generate a net increase in global employment of some 170 million jobs by 2030. CBO projects that over the next five years, GDP and employment will initially exceed and then return to their long-run relationships with their maximum sustainable levels. The ONS finds that the increase in employment since 2011 was not in jobs that could be done by machines. In North America, the transition to 100% renewal energy is projected to be associated with an increase in employment in the energy sector, from 1.8 million jobs (2015) to a peak of 3.8 million by 2025 and 2.7 million by 2050. Energy cost with 100% percent renewables is projected to be slightly less than in 2015, and employment in the energy sector is projected to increase from approximately 20 million (2015) to 35 million (2050). US lost wages due to extreme temperatures are projected to rise over the coming decades, reaching $160 billion per year by the end of the century, while the cost of lost property from coastal flooding is projected to reach $1 trillion. The energy transition will have a net positive impact on employment, forecasting an increase by 2030 of up to 1.4 million new jobs in the EU (up to 173 thousand in Italy, up to 97 thousand in Spain and up to 52 thousand in Romania). San Jose has the lowest employment rates and the most jobs per person among the 50 largest U.S. metro areas, along with the highest home values and forecasted home-value appreciation. Whilst remaining the largest region for employment overall, job growth in South Asia is expected to be somewhat slower than in East Africa, up from 260,000 in 2018 to 745,000 in 2022. South Asia will remain the largest market for employment, accounting for 740,000 FTE jobs, largely driven by an increase in the volume of cash-based off-grid solar technology sales. As long as the UK avoids a no-deal hard Brexit, expect the BoE to pick up the pace of rate hikes to two per year in 2019 and 2020 as wage growth edges further above 3 per cent year on year. Coupled with the productivity challenge, UK wage growth may not grow very well towards the end of the year and will affect how households feel at the end of 2019. The Bureau of Labor Statistics expects the overall employment of purchasing managers and buyers and purchasing agents to drop 3% from 2016 to 2026, largely due to automation and outsourcing. The Federal Reserve Bank of San Francisco noted that it does not foresee a sharp pickup in wage growth nationally if the labor market continues to tighten as many anticipate. Following several quarters of weakness, Russian wage growth will probably pick up a little over the coming months as public sector salaries will be raised and labour market conditions continue to tighten. By moving into the top eight OECD countries in rates of employment of people with disability, Australia's economy could gain almost $50 billion in GDP by 2050. See full forecast Last updated: 22 October 2019 Hi, Would you like a quick online demo of our service from an experienced member of our team? Yes No
