Journal Article

President's Message: The Great Job Reshuffling

Abstract: Hiring has become easier than it was early last year. Yet everywhere I go, from farms to factories to ballparks, I still hear that labor is in short supply. And the numbers back this up: In February 2020, 61.1 percent of the population was employed. Today, that number is down 0.9 percentage points — equivalent to nearly 2.3 million fewer workers. If good workers remain hard to find, wages could rise further, pressuring margins and prices in turn. So it's important to understand what's happening in the labor market, and where it may go from here.

Keywords: Labor foce; labor market churn;

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Bibliographic Information

Provider: Federal Reserve Bank of Richmond

Part of Series: Econ Focus

Publication Date: 2023-12

Volume: 23

Issue: 4Q

Pages: 1-2