there is a current labor force shortfall of roughly 3.5 million people, reflecting lower population growth as well as lower labor force participation that forecasters had expected to move back up fairly quickly after the pandemic faded.
Powell stressed more retirements than expected accounted for about 2 million of the 3.5 million labor force shortfall, as older workers worried about their health, saw their overall wealth rise alongside housing prices and simply decided to opt out. He also noted the labor pool of younger workers is smaller than previous generations, a generational phenomenonalike alongside the mathematical certainty that there will simply be fewer workers.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Canada Canada Latest News, Canada Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Why the labor shortage is likely to continue in 2023 - Dallas Business JournalThere are just a small number of cracks in an otherwise strong market for employees. Experts say it will affect employers' hiring in 2023.
Source: DallasBizNews - 🏆 525. / 51 Read more »
Phoenix Children's, Cigna (CI) in contract disputes - Phoenix Business JournalPhoenix Children's Hospital is in a contract dispute with one of the nation's biggest health insurance companies. They have two months to work out a deal before their current contact expires.
Source: phxbizjournal - 🏆 254. / 63 Read more »
Arizona-based FrameTec starts construction on Phoenix-area plant - Phoenix Business JournalThe roof and floor truss and wall panel manufacturing plant is expected to create 180 jobs in the Valley. Plus, Black Rock Coffee Bar has plans to open its 28th location in Arizona.
Source: phxbizjournal - 🏆 254. / 63 Read more »
Communities Foundation of Texas CEO Dave Scullin will retire in 2023 - Dallas Business JournalDave Scullin will continue at CFT through March 3 to facilitate the transition, while the board will start a national search for a new president and CEO.
Source: DallasBizNews - 🏆 525. / 51 Read more »
5 Business Growth Hacking Tips to Adopt in 2023 | HackerNoon5 Business Growth Hacking Tips to Adopt in 2023 - finance startups
Source: hackernoon - 🏆 532. / 51 Read more »
Why Gen Z will be a challenge for your business - Jacksonville Business JournalAs with any new generation that enters the workforce, managers have been flummoxed by Gen Z. Experts say many businesses have a serious Gen Z problem they'll have to address to be successful, but it has nothing to do with the generation's vocal opinions, its willingness to change jobs or its work ethic.
Source: JaxBizJournal - 🏆 599. / 51 Read more »