The Great American Labor Shortage: Is the Economy in Crisis?
HTML-код
- Опубликовано: 2 апр 2023
- With the US economy experiencing strong growth, low unemployment rates, and the lasting impact of the COVID-19 pandemic, the labour market is encountering significant challenges. Currently, there are over 10 million job openings in the US, but only 5.7 million unemployed workers available to fill them.
This video will delve into the history of the labour shortage in America, the economic factors contributing to the crisis, and the impact of COVID-19 on the US economy. Despite the low unemployment rates, there remains a significant gap between the number of job openings and available workers. Even if every unemployed person in the country found a job, there would still be 4 million open jobs.
So, How did the labor market get here? Is there really a labor shortage in the US, or is it just a myth?
Enjoyed the video?
Comment below! 💬
⭑ Subscribe to Econ 👉 bit.ly/3qcMwTA
⭑ Enjoyed? Hit the like button! 👍
#economy #us #useconomic
Citation: bit.ly/3G7yKuw
Images:
Joe Bidenby Gage Skidmore/flickr
Darjeeling Stories by Tirthankar Gupta/flickr
The chopper by Gauthier DELECROIX - 郭天/flickr
creativecommons.org/licenses/...
Archive Image and videos:
Commons.wikimedia.org
Library of Congress
Maps:
freevectormaps.com/
Vectors
www.vecteezy.com/
Stock Footages:
www.videvo.net/
www.videezy.com/
www.istock.com
Music by:
Ultra by Savfk
Oxygen Garden by Chris Zabriskie
creativecommons.org/licenses/...
Lost me as soon as you said people quit their jobs over a small stimulus check
Right? No one quit over $1400, it just helped pay the bills for the month. Anyone who thinks that a major % of individuals quit because of one pity check is delusional.
Stimulus checks and unemployment benefits
The reason why I quit was because I got quite a bit of money from the Who Cares act (World Health Organization Coronavirus Recovery and Stimulus act.) The money from PPP loans trickled down to me as well and I had a golden parachute.
Right like that check wld not cover my 1800 rent, that’s ridiculous. Basically when money gets printed and given to corporations and banks that’s okay but give it to everyday Americans that actually do the work in This country and now its a problem
True. I used mine to pay off my car and personal loan.
It’s all fake jobs or low paid jobs.
Search helper or apprentice next time...
@@bagsflyfree7710 they are restaurant, low paid jobs. Look it up
As America's average age increases, it becomes less acceptable to work for $10 an hour at a fast food place, which means less will be willing or able to do so. Since society has failed to provide the needed security to raise or start a family, the average age increases, and the people capable of accepting a wage below what it would cost to support themselves declines greatly. If the choice is to work full time and be homeless or just be homeless, most would rightfully choose to not work those jobs. If you are an employer, your options are bankruptcy, raising wages, and/or automating what you can and hope people still buy your goods. With what the expected outcomes look like, many should prepare for stagflation.
I was engaged to a Japanese businesswoman and she told me about the future of US economy. Stagflation is indeed the future. Housing will get cheaper though.
Right…why work and be homeless? Just be free and homeless.
If there's such a shortage, why aren't employers offering wage growth that outpaces inflation?
Because that would make inflation even worse
Exactly, a lot of demand for labor, with moderate supply is great for people who have labor to sell (workers).
False
There is no labour shortage like the media addvised. It was all a plan by global elites to destroy white countries by import third world shit skins
@@Fome no, sir, that’s wrong
There is no shortage of labor but there is a shortage of PAY !
Just paying more wont fix anything
@@wickendiana8310 IT WILL HELP ME !
@@bobdowns6973 me too. I wish I could just quit my shitty job but I cant
You nailed it!!!
@@wickendiana8310 No, the reality is too many people are sick of being underpaid and exploited while ceo's buy their third or fourth vacation home. People will work, just pay them properly.
Don’t disrespect workers, allow them flexibility for off time and vacation, pay a stable high wage that affords a full time worker a market rate apartment. Give raises and real benefits. Don’t allow clients to disrespect your workers. the answer is simple. Companies just can’t be bothered.
I quit my job at Starbucks for all these reasons. 🤷♂️ Probably the best deal you can get at a fast-food place, I can’t deny that.
That stuff is reall REALLY expensive, is not as simple
What I find funny is how every politician since Reagan has said they were going to bring back American jobs.
Well Biden didn't just say it, he actually did it. So now they switch the conversation to there being a labor shortage.
No point in working if they're not offering living wages. Full stop. No labor shortage.
Interesting you didn't cover the rate of increase in corporate profits...and also mention that we need more cheap labor immigration.
This is less informative and more corporate propaganda.
Also, « fake » or « ghost » job listings are distorting the job market
This
What’s the point of fake job listings?
@@deshyrro it helps make the company look like it's growing . If they have job listings it looks like they have money for growth. Investors in a capitalistic society love growth . That's it . Not a finite number , just continual growth . So job listings amongst a bunch of different other strategies shows growth
@@deshyrro companies post fake jobs for a lot of reasons, to get resumes in advance, to passively hire, to appease understaffed and overworked workers, to farm resumes, etc.
Here's the economy in a nutshell: Can't eat a house when starving. There's almost no agricultural plots of land left, but there are tons of new fancy apartment units with low-paying security jobs. When the greater depression finally hits, oh boy. Just look around more often. Smaller food stores, like those marketed as a farm are closing. Even the big chain stores are closing. The Stop & Shop three towns away from me closed for a fucking car dealership. A car dealership was picked over a grocery store as a form of community need. That's just really bad economic planning.
I do not believe that America has a labor shortage. I believe that America is facing a much greater crisis. about 4 to 5 months ago I was medically discharged from the army I was in for just under 6 months and within that period of time the job market has taken an absolute nosedive. before I joined it was easy to get a job were they high paying no but work was work and fake listings were far and in between but now that I'm out I cant find work not even part time in fast food. Also, after just 6 months the job market has been filled to the brim with fake jobs from places that are not actually hiring making it extremely difficult to find places that are. Here is an example yesterday I walked into a taco bell to check up on my application. i had checked in on this same location on 2 different occasions prior to this one. i asked for the hiring manager she came to me and asked what I wanted. I asked if my application had been reviewed yet and she looked me in the eye and said she wasn't hiring. thing is tho directly outside this taco bell was 5 to 6 big signs with the words NOW HIRING on them. then to top it all off they are only one of the many other companies doing the exact same thing!
So is America going thru a labor shortage? Short answer no. What is happening in America is much more sinister and way scarier then a few people getting fed with their jobs. The truth is America is being manipulated by those in power.
It’s like mid - late Rome.
@@stevenjames6830 basically we need to get independent and do it fast
Democratic politicians are working around the clock to break this country down to total devastation and people are voting for it. That's what is scary.
People warned of a retirement issue causing a labor shortage back in the 2010s. No one listened.
I'm a retired truck driver. They have been talking about driver shortages for years. Reason; no new drivers coming into the work force because long hours,hard physical work and drug free. The job has always been that way but most young people are not hard workers and they look down at the job because it's beneath them. Also the level of experience from an older worker is much higher than the younger less experienced.
@@georgetsokanis3542 Is the pay worth it or are you just a proud sucker?
'noted' : Someone says there's no labor shortage: if you need workers, you have to pay more. But economists say that paying workers more could lead to inflation, which could make that loaf of bread cost a wheelbarrow full of money. So the employer might have to pay more for workers, and consumers might have to pay more for goods and services, making it a challenging situation for the economy.😖
@niles-ek2wein the US the price is going to go up because when you make profit you can only “reinvest” if you aren’t going to give the extra money to investors. You cannot give more money to employees, all profit must be payed out to investors
This is as usual working under the illusion that companies in the US are running 0 profit which of course isn't true.
Most corporations in the US are running massive profits of 40% or over and most are wasting huge amounts of money on political corruption, excessive executive pay and stock buybacks. They easily can afford to pay higher wages, they just don't want to.
There's no labor shortage. Inflation by money printing caused wages value to decrease, while companies raised prices, which means they can hire more people.
The issue is that the wages are not substantial enough to attract labor.
The benefit to the laborer though is desperation on the part of employers.
This is false
@steven henry no there's literally no labor shortage moron. There are 3x as many dollars in circulation as there were 3 years ago. It took 100 years to print the first 1x.
When you inflate the supply of a thing, it becomes less rare, and thus less valuable. That means the wages are less valuable, and since price of everything went up, it's unfeasible for many people to work for certain wages under a wider degree of circumstances.
I literally can't work for less than 21 dollars an hour I couldn't even begin to survive in poverty without 21/hr.
There's no labor shortage, it's just literally impossible to work for 7-17 an hour, it's cheaper to just not work. It costs more to go to work than you would make in a day.
@steven henry I work in a business and industry that is extremely understaffed. It's not because there's no one to work. Its because for most people it's unfeasible to work the job for that price point at these hours with this kind of work. It works for me because it happens to be convenient to my situation.
We you realize all of the new jobs pay minimum wage 😂
India is willing to export half of its population to America as employees. 😂😂
The low unemployment rate is just an illusion....
Exactly
15 dollers and hour 3 and a half hours a day that is the best that I can find and need to support a family all of there open jobs are low paying and almost always never full time everyone needs workers but doesn't want to pay for another full time worker only a few full time employees at every job in the last few years
Quit their job for 1400? Really.....
If government stimulus pays more than the average job in America, there is a serious problem with our economy. Low wage slaves have replaced the middle class. When there are people working two jobs and are still homeless, that is the end of America.
Yeah. Though in the early 20th century this was also the case. What allowed single breadwinner families was strong regulations, a strong public sector and strong unions.
In a capitalist economy corporations are going to pay the lowest wages that they can so you have to rely on external sources like the government and unions to push wages up. The irony is that while capitalists want to pay low wages they are dependent on workers being paid high wages to make profit. This internal contradiction of capitalism has been a problem pretty much since it's inception.
what about massive layoffs in american companies like mets, amazon, apple, etc?
truth is we are being lied too most of these so called unclaimed jobs are fake
0:00: There are over 10 million job openings in the US, but only 5.7 million unemployed workers available.
0:26: Restaurants are struggling to find staff to make and serve food, leading to long wait times and the use of robots in some cases.
1:10: The pandemic caused a rapid rebound in the job market, with the unemployment rate falling back to pre-pandemic levels within a year.
5:43: Labor markets across the rich world are getting tighter.
6:09: Multiple rounds of government stimulus and generous unemployment benefits have led to people quitting their jobs and retiring early.
7:02: The pandemic economy provided aging Americans with strong incentives to retire early due to financial feasibility.
Recap by Tammy AI
Got my stimulus check still worked in retail.
I am a GenZ business owner here in Canada. One our generation is very small compared to the boomer population, so even having a single one of us becoming an entrepreneur will cause labour problems. Lots of my Zoomer friends are now also beginning to inherit property and money from their great-grandparents and their grandparents who are dying. So North America is about to enter one of the greatest wealth transfers in history. And doing so means that my friends don’t have to worry about buying a house when they’re inheriting one, meaning they want to work less hours at their jobs so they can actually enjoy their lives. A lot of Americans will be in a similar boat here when their grandparents and parents start to die and they begin to inherit mass months of wealth. And being that most Gen Zers don’t have many siblings or cousins will mean they will have less competition with their inheritance. Thus they inherit way more compared to previous generations.
You must live in a privileged bubble or I must live in an impoverished one 😅 We'll just have to see in the years to come
Hopefully your employees will inherit the same after retiring as well
I really doubt inheritances will be a big deal here in USA....a lot of the baby boomers who are retiring are living on limited incomes and some of them have house debt still to pay...the banks will be inheriting a lot of their properties, not the children...also after a certain amount of $, the inheritance tax pretty much guarantees you can't live off of inheritance money here in USA. I don't know about Canada, but USA inheritance is not something sustainable.
@@analyticalmindsetwealth transfer is real and ridiculous. I’m lower middle but live in an wealthy neighborhood (won best towns a couple of times). One of my friends grandad recently died and know he’s making $4M a month off of a company that makes NBA jerseys that he doesn’t even have to manage. Yes he does have siblings too…
Same in UK
This a lie jobs are not hiring
Really?
With the declining birth rates this number will get worse in 10 years. They'll continue to outsource the labour.
Eventually that won’t work either. Africa and parts of Asia are the only places left with high birth rates and they’re falling fast. I’m an immigrant, but too many economies are becoming dependent on immigration. When Africa and South Asia start to hit a certain level of development the rates of emigration will plummet and what do we do then? I think we’re going to see a societal collapse in the next 20-30 years and it will be for the betterment of humanity. We’ve made a biological necessity for every species that has ever existed inconvenient, expensive, and difficult. I’m not trying to be a doomer about this, but I think we’ll be in for a rough transition period to next era of our history on this planet, but humans have always improved our living conditions over time (with significant ebbs and flows), but we’ve always been headed in upward trajectory.
@@Taeb000ty
Africa isn't falling fast. And out sourcing is good for developing world. In a way, it is a wealth and knowledge redistribution to the poorers.
30 or 40 years from now. All countries will become developed.
Then what? Then the world will embrace socialism and work together.
If not? Then yes, the world will doom, because by that time. The entire world will be too old, too crusty with a very small population of young workers.
I think the two big things to also consider is the fact that we never solved the 08 financial crisis OR the pandemic. All we did was more or less print obscene amounts of money then just walked away pretending everything was fixed both times. This is absolutely the beginning of the end of the dollar. It has been misused and abused for far too long and its now a terminal diagnosis/outlook. The dollar is dying.
So true
Dutch Disease.
Resource Curse.
Age of Free Money.
@Collinsv8 not at all
Don't hold your breath on that. We have heard this a million times before and hasn't happened yet.
I don't get the narrative here. President Biden said he would bring back millions of jobs and he did.
There being a labor shortage should be something to celebrate.
ITS NOT ONLY IN USA BUT I WAS IN CANADA,AUSTRALIA AND NEW ZEALAND , THERES LOTS OF SHORTAGES OF LABOUR EVERYWHERE IN THE WORLD AND MOST RESTRUANTS , CAFES AND HOTELS ARE RUNNING OF STAFFS DUE TO COVID ?
In most parts of europe too
It's not because of COVID. I work in the 5 ⭐ hotel industry .the salary hasn't changed since 2007 .but inflation has gone up 4 times . We don't see an incentive to work in the restaurant business anymore .moreover gen z doesn't want to work labour jobs .they wanna be tik tokers and youtubers
You’re not wrong but what’s with the capitals lol
This makes me want to cancel the landscaper, I have the tools and the time. It’s just the laziness and I’ve been a happy customer for 8 years now.
Boomers did not have enough kids. The nursing homes they retire to will be understaffed. They will sit in unchanged diapers for their final few years.
The government has not made it easy for any generation to have kids. Homes used to cost 2x annual income, now it is 15x annual income. Groceries and gas increase in cost faster than wages rise.
Immigration is the only solution governments seem willing to stomach. But if that is the solution they chose, they have to be ready to accept that new people come with their own religions and morals and may not meet the ideals of the country they move to.
America will not Survive. It’s like the mid-late Roman Empire
I do not want people not of my race taking care of me in vulnerable medical situations, as the past 3 years have shown non-whites strongly dislike whites.
Awesome video 🎉
You serious? You think people are still sitting on $1400 stimulus checks? lol. This was a complete waste of time.
I wish the phrase "pass the cost to their customers" would stop appearing in economics videos. Price of goods and services is determined ENTIRELY by supply and demand. Wages are the same. Companies can not pass on their costs to costomers any more than you can pass on yours to your employer. It's not possible to "pass" costs.
It is. Prices are a choice and especially with how powerful the megacorps are they don't always obey supply and demand.
Several of the biggest market experts have been voicing their opinions on exactly how awful they think the next downturn would be, and how far equities may have to go, as recession draws closer and inflation continues.. well above the Fed's 2% objective. I'm trying to build a portfolio of at least $850k by the time I'm 60. I need suggestions on what investments to make..
I reckon you get in touch with an investment adviser, someone who’s been active before the 08' crash and other similar crashes, that gotta be your best bet in order to profit off this recession.
@Mark Lofgren Inspiring! please can you leave the info of your investment adviser here? I’m in dire need for one.
please tell me how to use this recession to make gains! Grew my reserve of $121k to over $513k btw DEC. 2011 and AUG 2012 but the market is diff now
@Mark Lofgren Found her, I wrote her an email and scheduled a call, hopefully she responds, I plan to start the remaining months of 2023 on a woodnote financially.
Thank you so much for this tip! Finding your coach was a breeze and I was really impressed with all the research I did on her credentials before scheduling a call. It's clear from her résumé that she's extremely knowledgeable and skilled, and I'm so excited to have the chance to talk to her.
If you don't want to work, that's your business. But don't come knocking on my door crying that I have too much and need to share my wealth.
Feels like the beginning of the Crisis of the third century
Same in EU
Wonder if the advances in generative AI would have a knock on effect on employment in the coming years as many jobs which were considered high skilled or the ones in the digital sphere face an immediate threat. Currently manufacturing jobs would be safe till robotics and AI combine to give robots who are able to take up most of the human jobs.
In the medium term - 3-10 years, all kinds of AI (not just generative) can automate up to 50-60% of knowledge work. In some areas up to 80%. We're in for a lot of chaos.
True actually the openAI team made a research regarding job loss due to AI. You can see it in their website. It made me anxious since my job will be affected but on the same time I saw opportunities if I’m the one who first implements the AI in my field.
@silverbullet3939 can't wait lol
Thats probably one reasons why foriegn people can get higher job profiles than thier own country due to less competition in US
No u are completely wrong .
@@M3ganwillslay as an indian he is partially right. I wont say its easy, but the competition for good universities and companies is a lot less compared to back home in india
@@M3ganwillslay as as Mexican I also agree with him, this applies at least on the IT sector.
@@M3ganwillslay
Developing world competition is crazy, especially in place that have too much people like China, India and Bangladesh.
@@Commievn in india ur success doesn't depend on what you know ,,, it's who you know .
Manage to work on the NY minimum wage ($15.5 an hour) and convinced my boss to give me 3 days off so I can only work 4 days. Only thing to push me to leaving is the some customers we get that get loud, rude, and would even fight each other for dumb stuff. I GET IT! Your in pain, and need a strong controlled medication, we gave you 3 months worth because you prescription asked for 3 months, so HOW are you finished when it's only been a month? Tell your doctor! Not us! We can't just hand you the medicine because thats against the law! I'm sorry the medication Gabapentine is consider controlled not because its a narcotic, BUT STUPID, UNRESPONSIBLE people, decide it a SAFE WAY to get high, and are now overdosing left and right, because they steal if from grandmas cabiniet! And that person said a word in his language, THATS NOT OFFENSIVE, sorry you interpret it as an insult, because god forbid, theres an outside world, they DOESNT revolve around you!
Lol companies tend to fire people over anything.
I would add that the investment in robotics and automation in the industry is very important to supply the workforce
They will only hire illlegals
Labor shortage along with a PAY shortage
Artificial intelligence rejecting hundreds of thousands of resumes of would be candidates.
This a circular argument
Please what the heck is world war second?
World War II = world war two
Why not USA allow Canadian Citizen work USA with out permits, if helps USA solved labour shortage and it will be good for both countries, Canada has a lot of educated and skills unemployed people.
Canada has a massive shortage as well
This is quality production
Matatan,
Ribirin H-S,
The truth of the matter is, there are several jobs available, with only the desperate immigrants are willing to take on. Then americans would blame the immigrants for "taking on" these odd jobs which they would never have wanted on the first place.
this is far from the truth
@@thegodhoward8037 so whats the truth?
@@SF-sl7fiwait until you find out that these immigrants aren’t actually desperate because we housing each one of them seeking asylum, feed them, clothe them, give them bikes and cash to go buy stuff. They tend to stay as groups because we r soft on families then immigrants also get more in welfare than the average American. Also Americans foot all medical bills for them as well, Medicare isn’t made for the citizens. They also destroy our farms by dedicating and leaving trash in the fields that cannot legally be harvested, and being a farmer is already on of the most expensive professions to be in so they’re demoralizing the 1.5% of workers who prove food for 98.5% of the nation. They’re a real issue it’s no joke. I always thought it was a hoax by racist red states until they came to New York and destroyed everything and made everything skyrocket in price. By the way the ones desperate to work that snuck across the border tend to be criminals and can’t claim asylum because they’re often what ppl were running from to begin with. Some of them may have turned a new leaf but I don’t want some other nations criminal in my country, we already got it bad enough
We're completely overstocked with fruit pickers and toilet scrubbers.
THERE'S NO SHORTAGE OF LABOUR
PPL JUST GREW TIRED OF BEING EXPLOITED BY CORPOS
video is over hyped
Just a reminder that Joe Biden reopening the economy and allowing the exact same jobs to return is not the same thing as creating new jobs.
There is some truth in this, but a lot of BS as well.
They can fix this by getting more immigrants. The usa keeps a very restrictive and difficult to get visa system.
Make getting visa easier especially for H1B and make it easier for low skill worker to legally immigrate as well.
We can solve the labor problem without costly child care and family programs . Plus you dont have to wait 18 years for the children to grow up to work .
So from an economic perspective immigrants are better and cheaper than encouraging births
bingo!
John Samuel, a lot of low wage jobs are in areas that those low wage earners cannot live there because rents and living costs are too high....people would love to get jobs but they can't afford to commute nor live in those expensive places where the jobs are. We have an affordable housing crises in MANY citied in America and this is one of the big reasons for a labor shortage. Investors are part of that affordable housing shortage problem...they scoop up all the cheap houses and turn them into rentals that have ever increasing rents.
@@christianmama2441they also scoop up all the profits from companies so companies cannot simply pay the workers higher wages or high bonuses
India has a working age population of around 800 million, and most of the youth want to earn money but do not have the means to do so. Many of them are seeking government jobs to attain stability. I want to work, but there are no job opportunities available to me.
THEY PRETEND TO PAY, WE PRETEND TO WORK
So many jobs and me here not able to work because I was born in a shithole🧍
Where do you live
@@amirsari8185 Belize 💀
@@sianmoltie8979 if you meet the qualifications you can easily migrate to the UK where there's massive labour shortages
be a nurse and you can move anywhere
@@Lando-kx6so Most of these labor shortages happen to be in areas that don't have affordable housing for the low wage earners.....why would anyone want to take a low paying job in an area where rents are so high they can't make a living? It is a vicious cycle but it is a very real one....housing has become extremely unaffordable for many low wages workers, so much so, even if they want a job in a big city, they cannot afford the gas to commute there nor can they afford to pay rent close to the job.
Employers want cheap slaves and people are saying GFY.
Grant more and more H1B visas and speed up the process of granting green cards... problem will be solved
Where are all the democrat laborers lmao😂 thats an oxymoron