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November 1985, Vol. 108, No. 11
A second look at industry output
and employment trends through 1995
New projections prepared by the Bureau of Labor Statistics show that, under a certain set of macroeconomic assumptions, total employment will reach almost 123 million in 1995, a gain of nearly 16 million jobs from 1984. Almost 9 out of every 10 of these new jobs will be added in a service-producing industry (transportation, communications, public utilities, trade, finance, insurance, real estate, miscellaneous services, and government). The remainder are projected to be goods-producing jobs (manufacturing, construction, mining, and agriculture).
One component of the broadly defined service-producing sector, the miscellaneous services sector (which includes business, personal, and medical services), will account for almost half of the 16 million new jobs. Growth in miscellaneous services between 1984 and 1995 is projected to be almost double the average rate of 1.3 percent for the economy as a whole. By 1995, this sector is expected to account for more than 1 out of every 4 jobs in the U.S. economy.
The Bureau has developed three alternative sets of economic and employment projections for the year 1995. The macroeconomic assumptions underlying these projections, which consist of a high-growth, moderate-growth, and low-growth scenario, are described by Bureau economist Betty Su on pp. 3-16 of this issue. This article focuses on the employment and output of the middle projection, with the two alternatives described later.
This excerpt is from an article published in the November 1985 issue of the Monthly Labor Review. The full text of the article is available in Adobe Acrobat's Portable Document Format (PDF). See How to view a PDF file for more information.
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