A Depleting Global Workforce

The future of income per capita isn’t looking good anywhere. Projections for the number of educated workers by economic region looks grim, making up less then half the expected net additions in 2010 to 2030. Even more worrying, the forecast shows a significant decline in net additions over this period, due significantly in part to the world’s aging population. Forget about unemployment; not only will there be job vacancies, there also won’t be anyone to fill them (unless something changes about how old – or by contrast how young – our workforce becomes).

Chart from the Economist.

Unemployment and Aging – Where are the Job Vacancies?

Age demographics by industry answer big questions for why nursing grads are performing best in the job market. Health care jobs see one of the highest median ages for occupations in Canada (age 50 in 2006), meaning that retirement is increasingly freeing up jobs for recent grads.

More information on unemployment and job vacancies by industry on Statistics Canada. Also on StatsCan, highest median ages by occupation (2006 data). Graphic reblogged from the Daily.