The United States faces a long-term labor crisis that inevitably will lead to higher wages and a slowing economy, The Wall Street Journal reports.
Unemployment in the U.S., currently at 3.8%, has been under 4% for nearly two years. The biggest force driving the need for workers has been companies meeting renewed consumer demand post-pandemic. This is what has led to worker strikes at automakers and airlines, and in Hollywood.
U.S. labor force participation peaked at 67.3% in the first three months of 2000 amid the dot-com boom and a time when Boomers ranged in age from 35 to 54. The Labor Department projects labor participation will fall to 60.4% by 2032. “A carpenter now is making 20% to 25% more than they did 24 months ago—and that is not sustainable,” notes John Fish, chairman and CEO of Suffolk, a construction contractor.
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