ARTICLE
The Demographic Drought: Bridging the Gap in Our Labor Force is a new report by Emsi on the condition of the U.S. labor market, pointing out just how big a challenge America has in keeping its economy staffed. Early in 2021, Emsi Burning Glass released The Demographic Drought: how the approaching sansdemic will transform the labor market for the rest of our lives which focuses attention on the underlying building blocks of the labor market: demographic pressures, a pandemic-fueled rush to retirement, and collapsing immigration rates as our chief challenges. It's a sobering look at the current and future state of the US labor force. We explored how surging Baby Boomer retirements, declines in labor force participation amongst millennials, ebbing birth rates, and falling immigration numbers help explain why the US is facing talent shortages and near record-low unemployment. In that report, we also projected that the US labor force would eventually start to decline—with far more job openings than people available to fill them—as permanent retirees outpace new labor force entrants. Even before the pandemic, the US was set up to face a talent deficit of six million people by the end of the decade. Then, the COVID-19 pandemic struck and hit the accelerator on many of these long-term trends. Almost overnight, our future labor crisis became a present reality. We now face a record 11 million job openings. With 5 million unengaged workers on the sidelines and more than 4 million immigration visas stuck in processing, the same question is on everyone’s minds: How can we fill the labor force gap? Click over to visit original sources: The Demographic Drought: The Approaching Labor Shortage, The Demographic Drought: The Transformed Labor Market, Bridging The Gap, and click to view More Reports from Economic Modeling
The Demographic Drought: Bridging the Gap in Our Labor Force is a new report by Emsi on the condition of the U.S. labor market, pointing out just how big a challenge America has in keeping its economy staffed.
Early in 2021, Emsi Burning Glass released The Demographic Drought: how the approaching sansdemic will transform the labor market for the rest of our lives which focuses attention on the underlying building blocks of the labor market: demographic pressures, a pandemic-fueled rush to retirement, and collapsing immigration rates as our chief challenges. It's a sobering look at the current and future state of the US labor force. We explored how surging Baby Boomer retirements, declines in labor force participation amongst millennials, ebbing birth rates, and falling immigration numbers help explain why the US is facing talent shortages and near record-low unemployment. In that report, we also projected that the US labor force would eventually start to decline—with far more job openings than people available to fill them—as permanent retirees outpace new labor force entrants. Even before the pandemic, the US was set up to face a talent deficit of six million people by the end of the decade. Then, the COVID-19 pandemic struck and hit the accelerator on many of these long-term trends. Almost overnight, our future labor crisis became a present reality.
We now face a record 11 million job openings. With 5 million unengaged workers on the sidelines and more than 4 million immigration visas stuck in processing, the same question is on everyone’s minds: How can we fill the labor force gap?
Click over to visit original sources: The Demographic Drought: The Approaching Labor Shortage, The Demographic Drought: The Transformed Labor Market, Bridging The Gap, and click to view More Reports from Economic Modeling