Subsequently, further growth of per capita income will reduce the fertility rate. When the fertility rate first begins to decline, a country generally has an abundance of relatively young workers, and the growth rate of the “working-age population” (aged 15 to 64) exceeds that of the total population.
Job gains remained very strong in January, while the supply of labor has continued to lag.1 As of the end of December, there were 1.9 job openings for each unemployed individual, close to the all-time peak recorded last March, while unemployment insurance claims have remained near historical lows.