More people sought work and got hired in October after the weakest round of job creation in September in nine months, economists predict. The U.S. likely...
If they post it, will they come? Businesses have a near-record number of job openings, but they can’t fill them fast enough because of a major labor shortage.
Unless more people return to work soon, the labor shortage could gum up the economic recovery. Already some companies have had to scale back production because of too few workers.Firms are also being forced to pay sharply higher wages and that’s contributing to the biggest spike in U.S. inflation in 30 years.
The big question is how quickly they return and whether the so-called labor-force participation rate returns to pre-crisis levels. Some economists are not so sure, pointing to a massive wave of retirements early in the crisis. But the number doesn’t tell the whole story. The pandemic has distorted the ability of the government to measure unemployment. Economists estimate the real rate is about 2 percentage points higher.
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