Economists: U.S. will have too many jobs, not enough workers next year
Experts warn of growth slowdown as Americans find employment easily
Employers nationwide are grappling with a problem that threatens to stall economic growth: vacancies — and lots of them.
In Maine, where flurries can fall as late as April, the state transportation department is struggling to find snowplow drivers, thanks to the increasingly tight labor market. Ski resorts in the state, meanwhile, are still looking for employees to run the slopes.
Texas, too, is dealing with a labor shortage. As the price of oil climbs, drillers are ramping up production, but they need more truckers to haul it. Energy companies fear a dearth of such workers could eventually force them to limit production.
And Florida lacks the construction workers to keep up with its housing need, plus additional repairs from Hurricane Irma.
These are just a few glimpses into the country’s biggest scramble for workers in decades.
The U.S. unemployment rate continues to sink, hitting a 17-year low in November (4.1 percent), and job seekers are finding work more easily than at any time since the mid1990s. Openings in the United States have now topped roughly 6 million for five months in a row, a record streak, according to the Bureau of Labor Statistics.
Normally, such a stretch would inspire applause. But Wayne Winegarden, an economist and senior fellow at the Pacific Research Institute, a California think tank, said the trend should concern policymakers.
“If you have less labor, you’re going to have less growth,” he said, “unless it’s compensated by more technology or higher productivity.”
The labor shortage also complicates the Republican quest to create more jobs through tax cuts, said Alan Cole, an economist who studies tax policy.
“Most of the people who really wanted to get back to work — they’ve already recovered from the recession,” he said.
Firms that save money from the tax cuts may simply be unable to find more workers to hire at the price they are willing to pay.