3 reasons the labor shortage might stick around for years, according to JPMorgan
People really want to buy stuffthat, as of October 2021, Americans were spending more on goods than ever before. Kelly said that savings from various aid programs also upped demand for services and goods, with Americans eager to spend money on services after nearly two years. Notably,
that Americans did add about $4 trillion to their savings throughout the pandemic — but 70% of those savings went to the top 20%. Kelly said that factors like higher productivity, immigration reform, and higher wages will eventually help ease the shortages — all things that are already seeing some pick-up. But that doesn't mean the problem will solve itself anytime soon.
"All of these forces should gradually resolve the current excess demand for labor," Kelly writes."However, barring aSign up for notifications from Insider! Stay up to date with what you want to know.
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