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Opinion: Full employment will shift progress to wage increases

Opinion: Full employment will shift progress to wage increases
Charging Bull by Sam valadi is licensed under Flickr Creative Commons Attribution 2.0 Generic license.

In May, America’s economy added 75,000 jobs — a level that fell below expectations. However, despite the blip in the economic climb, Americans have reason to be optimistic.

Consider that there is a near-record level of available jobs and Americans are experiencing the lowest unemployment rate in 50 years. This unique combination puts us close to what economists call “full employment,” where nearly everyone who wants a job already has one.

According to the Federal Reserve, there are nearly 7.5 million job openings. Some of these open positions are for employment opportunities like electricians, and these jobs can provide workers with six-figure annual incomes. Likewise, the restaurant industry in New York City is reporting difficulty in finding new employees.

In the short run, a skills shortage can lead to slower economic growth — but it’s important to understand that slower growth doesn’t necessarily mean the economy is getting weaker.
Source: The Detroit News
Charging Bull by Sam valadi is licensed under Flickr Creative Commons Attribution 2.0 Generic license.

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