In his report covering September’s employment trends, economist Bruce Steinberg studies the unexpected drop in labor force participation in tandem with discouraged workers since the recent recession, despite the dropping rate of unemployment. One explanation could be “structural changes in the economy as displaced workers find it difficult or not even possible to find new jobs because their skill sets are no longer relevant.” It’s a conundrum, as employers face labor shortages and discouraged workers face unemployment.
“With unemployment rate at or near historic lows, will there be enough workers available to fuel future economic growth? As we’ve seen through several sources… there are many reports of labor shortages throughout many sectors in many areas of the country. Putting immigration issues aside for the time being, the question remains that when wages rise, where will the workers come from?”
The monthly report also examines employment trends across all sectors. Share these stats with your team to inform your strategic planning.