Demand Is Way Back Yet Workers Remain Scarce
What is the Fed smoking?
Getting back to the pre-COVID unemployment rate of 3.5 percent after the rules of the game have changed is a pipedream, in our view.
It’s clear the labor supply curve has shifted left.
Isn’t that evident with 32.2 percent of the unrecovered jobs in the leisure and hospitality sector yet no workers can be found? Moreover, 62.2 percent of unrecovered jobs are in three sectors: leisure and hospitality, government, and education and healthcare. None lack for demand.
Source: https://global-macro-monitor.com/2021/08/04/demand-is-way-back-yet-workers-remain-scarce/
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