The perception that the U.S. is suffering from a serious worker shortage, and one that will grow worse in the future, reflects the very tight labor markets that we are currently experiencing, along with projected demographic changes over the next several decades. The benefits generated by tight labor markets for the U.S. economy and workforce over the past several years have been enormous. Unemployment rates are at their lowest levels in 30 years, while the percentage of the overall population that is working (especially among women) is at an all-time high. Strong productivity growth has enabled the economy to generate substantial real wage growth without generating more inflation.
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