If in recent weeks you’ve gone to a restaurant or boarded a plane of shopped in a store or remodeled your house or been in a hospital or done anything that requires a degree of assistance from a warm body, you’ve noticed it. Where are the workers??
As the economy haltingly recovers from the COVID lockdown days, every industry under the sun faces protracted staffing shortages. Part of it is indeed COVID. Part of it is America’s ongoing reindustrialization. Part of it is internal population movements. But the biggest piece is demographic.
A baby bust started saturating the world in the late 1960s. In many cases countries never recovered. And now, decades later, that baby bust is generating a worker bust. Italy is the poster child for this phenomenon.
The world — the entire world — is literally running out of workers. In most sectors in most places, the workforce which exists today is the most robust it will be in our lives.
Join Peter Zeihan Wednesday, November 17 for the first in a three-part series on the here, now, and soon-to-be of the American and global economies. Part I: Wither the Workforce will focus exclusively on labor markets, providing insight as to just how deep and how long these shortages will last, and identifying which sectors will have no choice but to fundamentally restructure in the months and years to come.