Jobs

Is America Running Out of Workers?

11/1/18
from The Wall Street Journal,
11/1/18:

The latest NFIB survey shows small firms still trying to find all the new employees they want.

Yesterday brought the welcome news of the best wage gains for private-sector workers in more than a decade. Now the latest monthly employer survey from the National Federation of Independent Business, due out later today, strongly suggests that the good news for U.S. workers will continue. The small-business owners participating in the survey are once again reporting that they are trying to expand their businesses but can’t find enough qualified applicants to fill all of their available positions. Naturally, wages are headed north as firms of all sizes compete for talent. It’s fashionable in media circles to laugh at President Trump’s non-stop salesmanship about the performance of the U.S. economy on his watch. But there’s no doubt that workers are benefiting from a historically tight labor market. Companies are eager to hire. “Thirty-eight percent of all owners reported job openings they could not fill in the current period, equal to last month’s record high,” reports NFIB Chief Economist William Dunkelberg. “Job creation was solid in October at a net addition of 0.15 workers per firm,” he adds. “Twenty-three percent of owners cited the difficulty of finding qualified workers as their Single Most Important Business Problem.” This reading on the difficulty of finding new workers is up one point since September and just two points below the all-time record high in August.

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