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This year-old article is definitely wrong and we definitely have a labor shortage. https://fred.stlouisfed.org/graph/?g=P0D0 https://fred.stlouisfed.org/graph/
by tootie 4y ago
This year-old article is definitely wrong and we definitely have a labor shortage.
https://fred.stlouisfed.org/graph/?g=P0D0 https://fred.stlouisfed.org/graph/?g=P0D0
Prime-age employment-population ratio is exactly where it was pre-pandemic and UNRATE is near all-time lows. Population growth is slowing and retirements rose substantially. Everyone keeps looking for these cultural shifts or policy failures, but all our economic troubles (labor, housing, inflation) are still easily explainable by simple supply and demand.
- carapace 4y agoThis reminds me of the fellow who looked at historical data on rents in San Francisco going back to 1948 and found that "Today's outrageous prices are exactly in line with the 6.6% trend that began 60 years ago." ~ "Employment, construction, and the cost of San Francisco apartments" https://experimental-geography.blogspot.com/2016/05/employment-construction-and-cost-of-san.html https://experimental-geography.blogspot.com/2016/05/employme... It's a fascinating article, well worth the read.
- s1artibartfast 4y agoInterestingly, the numbers for men tell a different story, with all time low male employment. It stands to reason that some male dominated industries may be seeing a different phenomenon. https://fred.stlouisfed.org/series/LNS12300001 https://fred.stlouisfed.org/series/LNS12300001