National workforce growth and tight labor markets

I shared the other day that Utah’s labor force—the number of people ages 16 and over holding or seeking a job—has grown an average of 1.9% a year from 2010 through January 2018, more than triple the nation’s 0.6% pace. Let’s put this in larger context.

Annualized working age population growth for 2000 through 2020 and 2020 through 2040 for areas of the world is estimated in the U.S. (+0.85%, +0.2%), Eurozone (+0.1%, -0.5%) and Japan (-0.6%, -0.8%).

The ratio of the number job openings to the number of unemployed workers at the end of 2018 was 1.7 in Japan, and slightly over 1 in the U.S.

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