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That number is not a great indicator of whether there is a labor shortage or not, because it is for everyone 16 and over, so it includes college students (and e
by TheCoelacanth 8y ago
That number is not a great indicator of whether there is a labor shortage or not, because it is for everyone 16 and over, so it includes college students (and even many high school students) and retirees. It also counts people who are seeking employment, but who aren't actually employed as part of the labor force.
A better indicator is employment-population ratio[1] which has recovered since the drop in 2008.
[1] https://fred.stlouisfed.org/series/LNS12300060 https://fred.stlouisfed.org/series/LNS12300060
- nradov 8y agoSure use whatever metric you like. That one is also still significantly below the peak set in 1999. They're highly correlated.
- TheCoelacanth 8y agoThe peak in 1999 has never been matched at any time since the metric has been recorded. A few years with abnormally high levels of employment does not indicate a labor shortage now.