This time, however, that process is turning out to be longer and more drawn out than in the past, making for a slower and weaker recovery than forecasters, executives and policymakers had expected.
There are some economists, such as Alan Blinder of Princeton University, who believe the problem now is insufficient consumer and business spending -- "demand," as economists call it. But increasingly, economists are coming to realize that heavily indebted consumers aren't likely to significantly increase their spending. And with stock prices well off their highs, businesses are still slow to resume capital expenditures, even as profits have begun to rebound.
Making informed career decisions requires reliable information about opportunities in the future. Opportunities result from the relationships between the population, labor force, and the demand for goods and services. Population ultimately limits the size of the labor force-individuals working or looking for work-which constrains how much can be produced. Demand for various goods and services determines employment in the industries providing them. Occupational employment opportunities, in turn, result from skills needed within specific industries. Opportunities for computer engineers and other computer-related occupations, for example, have surged in response to rapid growth in demand for computer services.
Population trends affect employment opportunities in a number of ways. Changes in population influence the demand for goods and services. For example, a growing and aging population has increased the demand for health services. Equally important, population changes produce corresponding changes in the size and demographic composition of the labor force. The U.S. population is expected to increase by 24 million over the 2000-10 period, at a slightly faster rate of growth than during the 1990-2000 period but slower than over the 1980-90 period.
