Labor shortages cause an economic crisis
The labor shortage is an economic crisis that has risen exponentially during the pandemic. The “Wall Street Journal” states that there are millions of openings. “More than a year and a half into the pandemic, the U.S. is still missing around 4.3 million workers. That’s how much bigger the labor force would be if the participation rate—the share of the population 16 or older either working or looking for work—returned to its February 2020 level of 63.3%. In September, it stood at 61.6%. The absence comes as U.S. employers are struggling to fill more than 10 million job openings and meet soaring consumer demand,” the newspaper said.
According to the U.S. Department of Labor, millions are unemployed. “Among the unemployed, the number of permanent job losers declined by 236,000 to 2.3 million in September but is 953,000 higher than in February 2020,” the department said.
Juliana Kaplan, an “Insider” reporter recently wrote: “There are currently anecdotal labor shortages all over the economy, as employers scramble for workers…It’s another marker of the strange labor market trend where millions are unemployed, but workers are quitting in droves.”
According to the “Wall Street Journal,” we are over a year into the pandemic, however, the labor shortage continues to get worse.
