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Tight labor markets are not just a US issue. Japan, Germany, Eastern Europe, the UK, and several Asian countries are experiencing recruiting difficulties as well. The strong economic growth of the past year is tightening the labor market further, a trend that is likely to continue. This means difficulties recruiting and retaining workers, possible labor shortages, and rising wages.
How are business and government responding?
- The March 21 Federal Reserve Board interest rate hike was, in part, an attempt to slow down the economy and prevent wage growth and inflation from overaccelerating.
- And both the private and public sector must find ways to expand the labor force to meet growing demand.
The Conference Board Global Labor Market Outlook 2018 addresses the growing issue of labor shortages and how organizations are coping.
Every month, the Labor Markets Center showcases research and tools for dealing with worker shortages. Accessing this knowledge can help companies find and hold onto the best talent, even during challenging conditions.