9 million jobs. These two major occupational groups will likely be responsible for more than 70 percent of the total increase in jobs over the next few years.
The growth of individuals' purchase of nondurable goods is also projected to rise from a 3.1% annual rating during 1990-2000 to a 3.6% annual rate between 2000 and 2010 solid growth. As a person's income rises the proportion of that income that spend on nondurable goods such as food and clothing increases at a slower pace than it increased at a lower level of income.
In the category of drugs and medicine which is important to this project I found that in this industry of drugs and medicine a component of nondurable goods purchases, is anticipated to enjoy a healthy 8.5% growth in the 2000-2010 period, due to the aging of the baby boom generation, strong demand for prescription drugs and medicines and a escalating assortment of new pharmaceuticals that increasingly are being market directly to consumers by way of aggressive media advertising campaigns.
Also the health services group is projected to be a prime source of consumer related employment. Top industries providing health services are hospitals, nursing and personal care facilities, this is as a result of the effects of the aging population and advances in medical technology.
Inflation.
Inflation is generally thought of as an excessive rise in the general level of prices. Since 1960 inflation in the U.S. has fluctuated between a low of 1.5 percent and a high of nearly 10 percent. Whenever unemployment has been pushed below the natural rate of unemployment, inflation has almost invariably accelerated. However, inflation has also accelerated at other times: in response to supply shocks like the tripling of world oil prices in 1973.
The slack in the US economy means that despite strong growth, "inflation rates are unlikely to increase significantly." In a recent NY Times article it said that the Fed has been arguing since the late spring that low levels of inflation and the threat that those pressures may drop further have been weighing down what is otherwise an improving economic outlook.
