Academic journal article Monthly Labor Review

Workforce 2020

Academic journal article Monthly Labor Review

Workforce 2020

Article excerpt

A special issue of the Chicago Fed Letter summarizes many of the presentations from a conference cosponsored by the Bank to address the possible implications of tight labor markets over the mid-to-long term. Howard N Fullerton, Jr. laid out the BLS projected job growth and employment scenario through 2006: Job growth has and will continue to slow somewhat, but at the same time, labor force growth will also decelerate so that the total number of jobs will still grow significantly more than the number of additional workers.

William A. Testa of the Federal Reserve Bank of Chicago discussed the implications of such projections for the Midwestern district the Bank serves. A decade ago, most analysts would not have worried much about tight labor markets in what was sometimes called the "Rust Belt." However, the recovery, restructuring, and reconcentration of the automotive industry have led the Midwestern economy to a lower-than-average unemployment rate and policy concerns about labor-constrained growth rather than underemployment. …

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