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ERIC Number: EJ957067
Record Type: Journal
Publication Date: 2012
Pages: 3
Abstractor: ERIC
ISSN: ISSN-0199-4786
Overall Economy
Occupational Outlook Quarterly, v55 n4 p40-42 Win 2011-2012
The economy's need for workers originates in the demand for the goods and services that these workers provide. So, to project employment, BLS starts by estimating the components of gross domestic product (GDP) for 2020. GDP is the value of the final goods produced and services provided in the United States. Then, BLS estimates the size--in inflation-adjusted dollars--of the five major categories of production. The categories are as follows: (1) Personal consumption expenditures; (2) Gross private domestic investment; (3) Government consumption expenditures and gross investment; (4) Exports; and (5) Imports. Next, BLS breaks down these major categories into more detailed ones, such as the production of automobiles or the provision of medical services. Changes in the level and composition of goods produced and services provided often affect industry employment levels. Industry employment levels are also affected by changes in labor productivity--the amount an employee produces per hour of work. This paper presents growth charts that show annual rates of change instead of the percent change over the entire projections decade. To show changes in demand more accurately, dollar amounts in these charts are given not in current dollars but in 2005 chain-weighted dollars. This means that amounts have been adjusted for changing prices over time.
Bureau of Labor Statistics. Division of Information and Marketing Services, 2 Massachusetts Avenue NE Room 2850, Washington, DC 20212. Tel: 202-691-5200; Fax: 202-691-6235; e-mail:; Web site:
Publication Type: Journal Articles; Reports - Descriptive
Education Level: Adult Education
Audience: N/A
Language: English
Sponsor: N/A
Authoring Institution: N/A
Identifiers - Location: United States