Could the worker shortage be getting worse?
Sometimes it seems like everybody on Wall Street is explaining why the economy is going south and the job market will soon follow. NFIB Chief Economist William Dunkelberg reports: Forty-five percent of all owners reported job openings they could not fill in the current period, up 4 points from December. The share of owners with unfilled job openings far exceeds the 49-year historical average of 23 percent although it is 6 percentage points lower than the record high of 51 percent last reached in May. Beyond small firms, the remarkable and somewhat puzzling resilience of the broader U.S. labor market showed up in another report this week, even if much of Wall Street doesn’t want to believe it. The Journal’s Dion Rabouin reported last week: Small companies have been responsible for all of the net job growth in the U.S. since the onset of the Covid-19 pandemic and account for almost four out of five available job openings, according to a Wall Street Journal review of labor data and an analysis by Jefferies.
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