The U.S. is at risk of running out of occupational therapists, railroad engineers, mathematicians, machinists and other workers, potentially leaving the economy in a long-term slump.
“In the next 10 to 15 years, we expect U.S. employers to demand more labor than will be available, which will, in turn, constrain overall economic growth,” the Conference Boardsaid in a report to be released Tuesday.
It may seem premature to talk about a labor shortage while the Great Recession and its 10% unemployment rate are a recent, painful memory. Meanwhile, the share of Americans in the labor force is historically low and wages are barely showing signs of picking up.
But the corporate-research organization believes the U.S. is fast approaching full employment and sees few signs the population of working-age Americans will grow enough to fill the ranks left by retirees and rising demand from employers.
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