U. S. labor supply in the twenty-first century

The American labor force will be transformed as the twenty-first century unfolds, a change that will confront policymakers and business firms with new challenges and new opportunities. The impending slowdown of labor force growth that will accompany the retirement of the baby boom generation already is playing a central role in national debates over the future solvency of Social Security and Medicare, as well as U.S. immigration policies. But labor supply changes will be influenced by other dimensions as well. In the coming decades, American workers are likely to be, on average, older and better educated than today’s labor force. The globalization of labor markets is already opening new employment opportunities for some Americans and changing the wage rates paid to others. The production technologies and personnel policies adopted by tomorrow’s firms will undoubtedly reflect the numbers and types of workers available for employment.