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america's dynamic workforce: 2008 |
By U.S. Secretary of Labor Elaine L. Chao
America’s dynamic workforce provides a strong foundation for our nation’s
continued long-term growth. In 2008, our country has faced significant
challenges in the housing market, financial market volatility, and rising energy
and food prices. These challenges have created anxiety for many workers. Yet,
there are many strengths to see our country and our workforce through this
period of economic uncertainty. America’s workforce is the most productive in
the world, according to the United Nations’ International Labor Organization.
And in recent years, labor productivity has grown at a faster rate than over the
three prior decades. That is good news for workers because it lays the
foundation for long-term economic growth and for a rising standard of living.
As our country deals with the current short-term challenges, we also must
recognize the challenges that affect our long-term outlook. Our country is in
the middle of a major economic transformation. Technology has accelerated the
pace of change and our country is transitioning to a knowledge-based economy.
Good jobs are still being created. In fact, the majority of employment growth
over the past six years has been in occupations with above-average compensation.
Most of the new jobs projected for the future are expected to be filled by
people with some post-secondary education. Over the next decade, new jobs will
be created in high-growth industries including health care, nanotechnology,
geospatial technology, and the life sciences. Education to gain the knowledge
and skills that are in demand is key to future success in America’s dynamic
labor market.
Workers who acquire and maintain competitive knowledge and skills are finding
jobs with good compensation. The goal of the Department of Labor is to ensure
that the workforce has access to the information, training, and resources that
will help them acquire the skills they need to access the growing opportunities
in our nation’s 21st century economy.
Despite the challenges that America has confronted over the past seven years,
the fundamentals of the economy remains solid and resilient. This is a tribute
to the dynamism, productivity, and flexibility of our nation’s workforce.
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