New Study Foresees Impending Labor Shortage
09-24-2024
Data from Lightcast, a labor analytic company, shows that U.S. employers will soon face the country's largest labor shortage. This labor shortage will come from Baby Boomers retiring, childbirth rates falling, Gen Z and Gen Alpha workers wanting jobs with college degrees, and fewer adults participating in the workforce. Women are not pursuing jobs in sectors with labor shortages, like plumbing, HVAC, and auto repair. The study also finds that working-age men are leaving the workforce due to an uptick in substance abuse issues and incarceration. In addition, workers over 65 did not return to work in the same numbers post-pandemic, and individuals under 25 have had low employment. Any growth in the U.S. labor market comes from immigration and foreign-born workers.