Economist Mike Walden: Is There a Labor Shortage?
How things have changed in just a decade. Ten years ago the country was in the worst economic downturn since the Great Recession, and the jobless rate was in double digits. Today, the economy is in its second longest sustained period of growth. But there appears to be a downside – many businesses say they can’t find workers. Is the lack of workers now a problem?
- Just add to your point – over 80% of construction firms say they can’t find workers
- This is beginning to be a common complaint
- Generated by continuing economic growth, slow population growth, and fact that many potential workers are sidelined by being classified as disabled or afflicted with drug addictions
- So may be a continuing condition for firms – may stimulate further advances in robots and labor-saving technological advances
- still – if there were a pervasive labor shortage – would see with pay jumps