The labor shortage is a demographic and immigration problem, a chief global strategist at JPMorgan Asset Management says
But the labor shortage isn't something that can be resolved in an instant,"and because it's going to linger, I think wage growth is going to be strong until the next," Kelly said. Average hourly earnings of production and nonsupervisory workers, which Kelly said is about 80% of the workforce in the US, has already been strong. Wages for these workers have increased 6.7% year-over-year for three straight months, as of data from March 2022.
It's not solely immigration that's impacting the shortage of workers. Kelly found that population growth for Americans aged 18 to 64 has been slow. "The overall number of Americans aged 18 to 64 has risen by just 930,000 over the last three years, or 0.2% per year," Kelly wrote in the note."This very sluggish growth rate reflects the aforementioned aging of the baby-boom generation and a sharp decline in immigration."Sign up for notifications from Insider! Stay up to date with what you want to know.
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