Great Expectations: Do Employees Want More Now?

Tom Barkin

Speech from Federal Reserve Bank of Richmond

Abstract: Job openings reached 9.2 million in May, the highest level in the 20-year-plus history of the data. We hear businesses are struggling to fill those openings, and the issue is particularly acute for low-wage positions. This difficulty is, of course, strange given there are still over 7 million fewer people employed today than in February 2020. Our contacts offer a variety of reasons why labor supply might lag demand. Some point to a continued fear of infection or logistical barriers related to remote schooling or child care. Others point toward increased retirements or the adverse incentives created by enhanced unemployment insurance. Still others believe workers have reassessed their perspectives on work versus time at home.

Keywords: employment; and; labor; markets (search for similar items in EconPapers)
Date: 2021-07-13
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