Money Makers - Accuracy of Job Predictions

 Each year the Bureau of Labor Statistics (BLS) accounts for growth and losses in almost a thousand different types of jobs and those reports can help people looking for jobs or students choosing a major.

Being that it’s the ultimate authority, a new study put BLS numbers to the test.They analyzed the last 20 years of job projections, calculating what business sectors beat the BLS.

Key takeaways:

1. Industries that beat the BLS: The most underestimated job category of the past decade was mathematical science occupations, and the last 20 years was health technologists and technicians.

2. Industries that failed to meet forecasts: The most overestimated job category of the past decade was personal care and service workers, and the last 20 years was model makers and patternmakers.

3. Over the past 20 years of estimates, the BLS, on average, overestimated job growth by 5.6% each year, or about nine million jobs.

4. The BLS overestimated or underestimated growth by 20% or more for 42% of all job categories.

Search all job category findings here.