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Translated by: MOS Translation Team – Beyond X
The U.S. job market is experiencing significant growth, but there are concerns that labor shortages will impact the future economic recovery.
Some analysts believe that every unemployed person has at least two open jobs to apply for, which indicates a severe shortage in the labor market and the job market is booming.
“The supply of labor remains constrained and that in turn is going to put upward pressure on wages and ultimately inflation,” Economist John Leer said.
Rising wages will have a wage spiral effect. Increasing wages will let workers to have more money for consumption, which will push up prices, and the higher prices in turn will force workers to demand higher wages, which will in turn lead to higher commodity prices. This process occurs over and over again in an endless cycle.
Therefore, there is a big wave of resignations in the United States. Everyone is frequently resigning to force their bosses to raise their salaries to cope with rising prices and maintain the quality of life. So it is not a shortage of people but a lack of people who want to work.
In addition, the CCP virus epidemic will lead to the relocation of the industrial chain. In the past, developed countries were selling middle-class and working-class jobs to Communist China or other developing countries, but now these job opportunities are forced to return, which leads to the sudden abundance of jobs on the market. Another reason for the labor shortage in the United States is that the elephant-curve effect that was previously seen in the globalization process has been broken.
Proofread/Edited by: AlexZ
Posted by: AlexZ
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