A recent report from the Conference Board projects that in the next 10-15 years, U.S. employers will demand more labor than available, which will, in turn, constrain overall economic growth. Wall Street Journal
staffer Jeffrey Sparshott speaks on signs that this tightening labor market is occurring such as a falling unemployment rate and the number of job openings outpacing the number of hires. (subscription required.)
The Conference Board predicts acceleration of wages the coming years working in conjunction with the falling unemployment rate. They also demographics playing a huge part in employers wanting more workers than will be available:
Simple demographics are the main culprit for the looming shortage. For one, aging baby boomers mean more retirements. Before the latest recession, the number of retirees increased by about 400,000 a year; in the past four years the figure has surged to more than 1.2 million annually, the group calculates.