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SOURCE The Conference Board
For Now, Jobs Remain Scarce - But an Aging Population and the Recession's Aftermath Are Poised to Create Historic "Seller's Market" for Skilled Workers
NEW YORK, May 1, 2014 /PRNewswire/ -- American workers have endured six years of depleted wealth, stagnant wages, and general insecurity. But their fortunes are about to change, according to a surprising new study from The Conference Board. From a Buyer's Market to a Seller's Market predicts unemployment in the United States - currently 6.7 percent and falling rapidly - will reach its "natural rate" of 5.5 percent by late-2015. The decline will continue well past this benchmark; over the next 15 to 20 years, U.S. unemployment may even dip below 3.8 percent, the lowest rate recorded since the 1960s.
"While our conclusions may seem unlikely today, they rest on a simple fact: nearly all baby boomers will be out of the job market by 2030," said Gad Levanon, Director of Macroeconomic Research at The Conference Board and a co-author of the report. "As working-age population expansion slows to a crawl, even modest job growth should steadily tighten the labor supply and force wages higher. In the short run, this will be good news for workers. But it could also become a major handicap on U.S. growth and competitiveness, which we must prepare for now."
Among the report's other key findings:
Contact Jonathan Liu for a press copy of the complete report:
From a Buyer's Market to a Seller's Market:
Declining Unemployment and Evolving Labor Shortages in the United States
Executive Action Series | By Gad Levanon and Ben Cheng
About the Conference Board
The Conference Board is a global, independent business membership and research association working in the public interest. Our mission is unique: To provide the world's leading organizations with the practical knowledge they need to improve their performance and better serve society. The Conference Board is a non-advocacy, not-for-profit entity holding 501 (c) (3) tax-exempt status in the United States. www.conference-board.org
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