Labor Force

Population is the single most important factor in determining the size and composition of the labor force—people either working or looking for work. The civilian labor force is projected to increase by 12.8 million, or 8.5 percent, to 164.2 million over the 2006-2016 period.
The U.S. workforce will become more diverse by 2016. White, non-Hispanic persons will continue to make up a decreasing share of the labor force, falling from 69.1 percent in 2006 to 64.6 percent in 2016 However, despite relatively slow growth, white non-Hispanics will remain the overwhelming majority of the labor force.

Hispanics are projected be the fastest growing ethnic group, growing by 29.9 percent. By 2016, Hispanics will continue to constitute an increasing proportion of the labor force, growing from 13.7 percent to 16.4 percent. Asians are projected to account for an increasing share of the labor force by 2016, growing from 4.4 to 5.3 percent. Blacks will also increase their share of the labor force, growing from 11.4 percent to 12.3 percent.2016.

Employment in securities, commodity contracts, and other financial investments and related activities is expected to grow 46 percent by 2016, reflecting the increased number of baby boomers in their peak savings years, the growth of tax-favorable retirement plans, and the globalization of the securities markets. Employment in credit intermediation and related services, including banks, will grow by 8.2 percent and add almost one-third of all new jobs within finance and insurance. Insurance carriers and related activities are expected to grow by 7.4 percent and add 172,000 new jobs by 2016.
The number of jobs within agencies, brokerages, and other insurance related activities is expected to grow about 15.4 percent. Growth will stem from the needs of an increasing population and new insurance products on the market.Government. Between 2006 and 2016, government employment, not including employment in public education and hospitals, is expected to increase by 4.8 percent, from 10.8 million to 11.3 million jobs. Growth in government employment will be fueled by an increased demand for pubic safety, but dampened by budgetary constraints and outsourcing of government jobs to the private sector. State and local governments, excluding education and hospitals,