by Charles Hugh Smith, Of Two Minds:
Few conventional-media commentators are willing or able to discuss these factors in the labor shortage / declining participation trends.
Is there a labor shortage in the U.S.? Employers are shouting “yes.” Economists keep looking for wage increases as evidence of a labor shortage, and since wage increases are still relatively modest, the argument that there are severe labor shortages in parts of the U.S. is unpersuasive to many conventional economists.
But if we look at “we’re hiring” signs and billboards, it’s clear employers are having trouble filling available positions. Longtime correspondent Harvey D. recently submitted this list of billboards advertising job openings in South Carolina: