I assume this means jobs. So exactly where are the jobs of the future going to be in America? The Economist took a stab at this in their “The World in 2017” edition late last year. The U.S. Bureau of Labor Statistics produces a survey every two years looking at current jobs and where the fastest growers in the future will be. Seven of the top ten are in healthcare, and specifically, sectors targeting our aging population. And you wonder why Medicare/Medicaid is in tough shape financially.
You can extrapolate some job growth from current levels but many future jobs don’t even exist today. The iPhone was only introduced in 2007. Many jobs spawned by the iPhone and its Apps couldn’t even have been imagined ten years ago.
So what might some of the New, New jobs look like? Well drones are just coming onto the radar today so to speak. Think of all the technicians and even “pilots” who will be needed to take care of these things. And what about ‘Siri’ and related speech and text messaging. More and more websites will be using automated speech answering “chatbots.” A lot of English and Philosophy majors are going to be hired to create witty banter for the Siris of the future.
Job growth is certainly good, but wage increases are even better. Since 2009 job growth has been strong, but wage gains have been tough to come by. Recent data, however, shows that low unemployment is finally starting to put upward pressure on wages. This may mean higher inflation down the road, but “we will burn that bridge when we get to it.” Right now more jobs and the prospect for higher wages in 2017 look pretty good.