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US employers added 266,000 jobs in April. Overall, this is a huge miss compared to economists’ expectations of a six-figure hiring boom as parts of the economy begin to fully reopen. Fear of becoming infected with COVID-19, remote schooling and the ensuing childcare crisis, and elevated unemployment insurance benefits are temporarily constraining the labor supply, explained Frank Steemers, Senior Economist at The Conference Board. Gad Levanon, Vice President of Labor Markets at The Conference Board, added that, while recruiting and retention difficulties may ease later this year, in the longer-term by 2023, unemployment rates will likely be very low and sustained labor shortages will make a comeback.
Elizabeth Crofoot, Senior Economist at the Committee for Economic Development of The Conference Board (CED), noted that rapid technological adoption during the pandemic has increased the demand for higher skilled workers, further exacerbating talent shortages. She highlighted takeaways from CED’s report “A US Workforce Training Plan for the Postpandemic Economy,” which provides recommendations for business leaders on how they can help prepare workers for in-demand skills and jobs.
Sustaining Capitalism Podcast Series / 27 Apr 2023
This podcast discusses how US oil and gas companies are expanding exploration and production activities to respond to increasing energy needs.
Sustaining Capitalism Podcast Series / 28 Mar 2023
In this episode, we are joined by Cecilia McKenney, to discuss workforce challenges facing the health care industry following the pandemic.
Sustaining Capitalism Podcast Series / 07 Mar 2023
Dr. Doug Shapiro of the National Student Clearinghouse Research Center discusses college enrollment trends.
Sustaining Capitalism Podcast Series / 28 Feb 2023
This podcast episode features an assessment of where the war stands now, how the West has responded to it, and the future direction of US policy.
Sustaining Capitalism Podcast Series / 21 Feb 2023
Michael Romano of NTCA joins us to discuss how the funding from the infrastructure law can be unlocked and used effectively.
Sustaining Capitalism Podcast Series / 14 Feb 2023
Regulatory agencies often overstep their boundaries, with serious consequences both to the entities they regulate and the economy as a whole.
