Where are all the Workers?
For several months now we have seen record job demand, but companies have struggled to fill open positions. In this video we explore potential reasons why we are still missing approximately 5 million workers. Depending on our own backgrounds, beliefs, and experiences – we may conclude there are simple, one-sentence explanations to this key question. The reality, however, is much more nuanced. It comes down to these key trends:
- Impact of unemployment benefits existed but is quickly waning
- Retirees are leaving the labor force at higher rates
- Hospitality will take time to recover
- The Technology sector is changing the face of labor demand today
These dynamics are important to the investment platform in the months ahead. Among many reasons, labor supply and wage growth are key factors determining what path inflation takes from here.
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