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A “Help Wanted” sign outside a restaurant in Houston on April 23. (Callaghan O’Hare/Bloomberg)
As the U.S. job market comes roaring back, there’s a growing debate about whether there are enough workers to power faster economic growth.
Companies from fast food chains like Chipotle Mexican Grill to chicken producer Pilgrim’s Pride and MGM Resorts International say they can’t find – or entice – enough workers. In earnings calls and business surveys, executives often blame stimulus checks and generous unemployment benefits for hampering hiring efforts.
But economists and policymakers are unclear about what’s really causing this gap and how long it will last. Hiring remains robust for now, indicating these labor disparities aren’t necessarily a problem. The worry is if labor shortages do persist – especially in the leisure and hospitality industry – that could slow demand and possibly lead to price increases.
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US Chamber Of Commerce Urges Biden To End Pandemic Handouts: Paying People Not To Work Is Killing The Recovery
by Tyler Durden
Friday, May 07, 2021 - 04:11 PM
Update (1055ET): Right on cue, just after Minneapolis Fed chief Neel Kashkari admitted that expanded unemployment insurance was keeping workers out of the labor market, contributing to Friday s disappointing employment number, the US Chamber of Commerce released a statement calling for ending the $300 weekly supplemental benefit.
Executive Vice President and Chief Policy Officer Neil Bradley released the following as a statement, saying that while there might have been a time when the benefit was needed, that time has now passed.
‘Job Paradox’ Baffles Economists as U.S. Employers See Shortage
Bloomberg 7 hrs ago
(Bloomberg)
As the U.S. job market comes roaring back, there’s a growing debate about whether there are enough workers to power faster economic growth.
Companies from fast food chains like Chipotle Mexican Grill Inc. to chicken producer Pilgrim’s Pride Corp. and MGM Resorts International say they can’t find or entice enough workers. In earnings calls and business surveys, executives often blame stimulus checks and generous unemployment benefits for hampering hiring efforts.
But economists and policy makers are unclear about what’s really causing this gap and how long it will last. Hiring remains robust for now, indicating these labor disparities aren’t necessarily a problem. The worry is if labor shortages do persist especially in the leisure and hospitality industry that could slow demand and possibly lead to price increases.
Fears over post-pandemic job shortage likely overstated, but complicate Biden s relief deals In just numbers, there are not enough job openings to go around right now period,” said the Economic Policy Institute’s Heidi Shierholz, former DOL chief economist.
People wait in line for help with unemployment benefits at the One-Stop Career Center in Las Vegas. | John Locher/AP Photo
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Businesses and the White House in recent weeks have warned that they are combating a labor shortage despite the millions laid off due to the coronavirus pandemic, creating potential political friction for President Joe Biden as he pushes Congress to advance his trillion-dollar spending proposals to gas up the economy.