2022–2032 Economic and Employment Projections — 2023-09-06

The U.S. economy is projected to add almost 4.7 million jobs from 2022 to 2032, the U.S. Bureau of Labor Statistics (BLS) reported today. Total employment is projected to increase to 169.1 million and grow 0.3 percent annually, which is slower than the 1.2-percent annual growth recorded over the 2012-22 decade. Projected employment growth is driven by labor force growth, which in turn is constrained by population growth. Total population is projected to grow slightly slower than previous decades, at 0.7 percent annually over the projections period, although population growth is concentrated among individuals aged 75 and over because of the aging of the baby-boom generation. Because older age groups have lower labor force participation rates than prime age workers, overall labor force participation rates are projected to decline. Despite all these constraints, real Gross Domestic Product (GDP) is expected to grow 1.9 percent over the 2022-32 decade, remaining largely consistent with the growth over the 2002-12 and 2012-22 periods.