The first article by the Wall Street Journal, Why America Has a Long-Term Labor Crisis, in Six Charts, details why the US is facing a long-term labour shortage. This shortage is already hurting the economy, as businesses are struggling to find workers to fill open positions.
The number of job openings in the United States is at a record high, with over 11 million job openings as of July 2023. The unemployment rate remains low, at 3.6% as of August 2023. The labour force participation rate has been declining since the COVID-19 pandemic began, with about 600,000 fewer people in the labour force in July 2023 than in February 2020. And the aging population continues to take people out of the workforce.