About half of the increase in trend gross domestic product is attributable to the long-term trend in labor force growth
and about half to the long-term trend in productivity growth.
Employment growth and labor force growth
were both about double what was expected; productivity growth was pretty much on target.
The results of OLS estimation carried out on data for Guyana, Jamaica, and Trinidad and Tobago show labor force growth
to be a significant contributor to economic growth in all three economies ([less than] 5 percent level).
The estimated rates of labor force growth
and labor productivity in Japan suggest a natural economic growth rate around half of what it was in the last several decades.
"High youth dependency ratios can be seen as a leading indicator of labor force growth
, as it represents a future stock of individuals that will enter the labor force," the rating agency added.
Declining participation leads to slower labor force growth
, which, in turn, constrains output growth in the entire economy.
Although Asians will remain a small part of the labor force, they--along with the "all other races" category--will have the fastest rate of labor force growth
between 2008 and 2018.
Projections of population and labor force growth
are essential elements of any projection of the economy's potential output growth.
Since the 1950s, labor force growth
has averaged 1.6 percent, but it is widely expected to continue to slow to no more than 0.7 or 0.8 percent by the middle of the next decade.
An overwhelming share of New Hampshire's labor force growth
in the future will be among those aged 55 and over.
Future demographic trends include a doubling of the nation's retiree population and only modest labor force growth
, leading to concerns about retirement income adequacy for future generations.
The slow labor force growth
appears to parallel the slow growth in population in the region since 1990 (up from about 602,400 in 1990 to about 628,400 in 1999, an increase of 3.9 percent over a decade).