Looking at the supply-and-demand imbalances and structural changes in the labor market, and what it means for employers.
By Wolf Richter for WOLF STREET.
We still have the most contorted labor market ever, but there are some big shifts, and those shifts make sense. We’re going to look at this picture book backwards. So stay with me. There has been a lot of thinking about the “why,” but I’ll stick to the “how.”
Supply of labor is very tight.
We can look at the readily available supply of labor roughly as the people who are looking for work but don’t have work at the moment. There are different aspects to it. So here we go.
The number of unemployed people near historic lows. People are deemed unemployed if they actively looked for a job during the reference period and don’t have a job. People who didn’t look for a job are not deemed unemployed (retirees,…