Job Growth Increases, No End in Sight for Labor Shortages
Our Privacy Policy has been updated! The Conference Board uses cookies to improve our website, enhance your experience, and deliver relevant messages and offers about our products. Detailed information on the use of cookies on this site is provided in our cookie policy. For more information on how The Conference Board collects and uses personal data, please visit our privacy policy. By continuing to use this Site or by clicking "OK", you acknowledge our privacy policy and consent to the use of cookies.  Our Privacy Policy has been updated! Detailed information on the use of cookies on this site is provided in our cookie policy and our privacy policy. 
TCB Tourch
Loading...
  • logoImage
  •  
    • US
    • EUROPE
    • ASIA
  • 2

    Close
    • Insights
        • Insights
        • Explore by Center
          • Explore by Center
          • CED
            Committee for Economic Development

          • Economy, Strategy & Finance

          • Governance & Sustainability

          • Human Capital

          • Marketing & Communications

        • Explore by Content Type
          • Explore by Content Type
          • Reports

          • Upcoming Webcasts

          • On Demand Webcasts

          • Podcasts

          • Charts & Infographics

        • Trending Topics
          • Trending Topics
          • Artificial Intelligence (AI)

          • Navigating Washington

          • Geopolitics

          • US Economic Forecast

          • Sustainability

          • Future of Work

    • Events
        • Events
        • Upcoming Events
          • Upcoming Events
          • People First: Opportunity and Access

          • CHRO Summit: Navigating through a Tsunami of Change

          • Future: People Asia

          • Executive Compensation in a Disruptive World

          • CED Distinguished Leadership Awards Celebration

          • The 2025 IBI/Conference Board Health and Productivity Forum

          • Explore all Upcoming Events

        • Member-Exclusive Programs
          • Member-Exclusive Programs
          • Center Briefings

          • Experts Live

          • Roundtables

          • Working Groups

          • Expert Briefings

    • Data
        • Data
        • Consumer Confidence Index

        • Data Central

        • TCB Benchmarking

        • Employment Trends Index

        • Global Economic Outlook

        • Leading Economic Indicators

        • Help Wanted OnLine

        • Labor Markets

        • Measure of CEO Confidence

        • Human Capital Benchmarking &
          Data Analytics

        • CMO+CCO Meter Dashboard

    • Centers
        • Centers
        • Our Centers
          • Our Centers
          • Committee for Economic Development

          • Economy, Strategy & Finance

          • Governance & Sustainability

          • Human Capital

          • Marketing & Communications

        • Center Membership
          • Center Membership
          • What Is a Center?

          • Benefits of Center Membership

          • Join a Center

    • Councils
        • Councils
        • Find a Council
          • Find a Council
          • Economy, Strategy & Finance

          • Governance & Sustainability

          • Human Capital

          • Marketing & Communications

        • Council Membership
          • Council Membership
          • What is a Council?

          • Benefits of Council Membership

          • Apply to a Council

    • Membership
        • Membership
        • Why Become a Member?
          • Why Become a Member?
          • Benefits of Membership

          • Check if Your Organization is a Member

          • Speak to a Membership Associate

        • Types of Membership
          • Types of Membership
          • Council

          • Committee for Economic Development

          • Economy, Strategy & Finance

          • Governance & Sustainability

          • Human Capital

          • Marketing & Communications

          • Insights

        • Already a Member?
          • Already a Member?
          • Sign In to myTCB®

          • Executive Communities

          • Member-Exclusive Programs

    • About Us
        • About Us
        • Who We Are
          • Who We Are
          • About Us

          • In the News

          • Press Releases

          • Our History

          • Support Our Work

          • Locations

          • Contact Us

        • Our Community
          • Our Community
          • Our Leadership

          • Our Experts

          • Trustees

          • Voting Members

          • Global Counsellors

          • Careers

          • This Week @ TCB

    • Careers
    • This Week @ TCB
    • Sign In to myTCB®
      • US
      • EUROPE
      • ASIA
    • Insights
      • Insights
      • Explore by Center
        • Explore by Center
        • CED
          Committee for Economic Development

        • Economy, Strategy & Finance

        • Governance & Sustainability

        • Human Capital

        • Marketing & Communications

      • Explore by Content Type
        • Explore by Content Type
        • Reports

        • Upcoming Webcasts

        • On Demand Webcasts

        • Podcasts

        • Charts & Infographics

      • Trending Topics
        • Trending Topics
        • Artificial Intelligence (AI)

        • Navigating Washington

        • Geopolitics

        • US Economic Forecast

        • Sustainability

        • Future of Work

    • Events
      • Events
      • Upcoming Events
        • Upcoming Events
        • People First: Opportunity and Access

        • CHRO Summit: Navigating through a Tsunami of Change

        • Future: People Asia

        • Executive Compensation in a Disruptive World

        • CED Distinguished Leadership Awards Celebration

        • The 2025 IBI/Conference Board Health and Productivity Forum

        • Explore all Upcoming Events

      • Member-Exclusive Programs
        • Member-Exclusive Programs
        • Center Briefings

        • Experts Live

        • Roundtables

        • Working Groups

        • Expert Briefings

    • Data
      • Data
      • Consumer Confidence Index

      • Data Central

      • TCB Benchmarking

      • Employment Trends Index

      • Global Economic Outlook

      • Leading Economic Indicators

      • Help Wanted OnLine

      • Labor Markets

      • Measure of CEO Confidence

      • Human Capital Benchmarking & Data Analytics

      • CMO+CCO Meter Dashboard

    • Centers
      • Centers
      • Our Centers
        • Our Centers
        • Committee for Economic Development

        • Economy, Strategy & Finance

        • Governance & Sustainability

        • Human Capital

        • Marketing & Communications

      • Center Membership
        • Center Membership
        • What is a Center?

        • Benefits of Center Membership

        • Join a Center

    • Councils
      • Councils
      • Find a Council
        • Find a Council
        • Economy, Strategy & Finance

        • Governance & Sustainability

        • Human Capital

        • Marketing & Communications

      • Council Membership
        • Council Membership
        • What is a Council?

        • Benefits of Council Membership

        • Apply to a Council

    • Membership
      • Membership
      • Why Become a Member?
        • Why Become a Member?
        • Benefits of Membership

        • Check if Your Organization is a Member

        • Speak to a Membership Associate

      • Types of Membership
        • Types of Membership
        • Council

        • Committee for Economic Development

        • Economy, Strategy & Finance

        • Governance & Sustainability

        • Human Capital

        • Marketing & Communications

        • Insights

      • Already a Member?
        • Already a Member?
        • Sign In to myTCB®

        • Executive Communities

        • Member-Exclusive Programs

    • About Us
      • About Us
      • Who We Are
        • Who We Are
        • About Us

        • In the News

        • Press Releases

        • This Week @ TCB

        • Our History

        • Support Our Work

        • Locations

        • Contact Us

      • Our Community
        • Our Community
        • Our Leadership

        • Our Experts

        • Trustees

        • Voting Members

        • Global Counsellors

        • Careers

        • This Week @ TCB

    • Careers
    • Sign In to myTCB®
    • Download TCB Insights App
  • Insights
    Insights

    Our research and analysis have helped the world's leading companies navigate challenges and seize opportunities for over 100 years.

    Explore All Research

    Economic Indicators

    • Explore by Center
    • CED
      Committee for Economic Development
    • Economy, Strategy & Finance
    • Governance & Sustainability
    • Human Capital
    • Marketing & Communications
    • Explore by Content Type
    • Reports
    • Upcoming Webcasts
    • On Demand Webcasts
    • Podcasts
    • Charts & Infographics
    • Trending Topics
    • Artificial Intelligence (AI)
    • Navigating Washington
    • Geopolitics
    • US Economic Forecast
    • Sustainability
    • Future of Work
  • Events
    Events

    Our in-person and virtual events offer unmatched opportunities for professional development, featuring top experts and practitioners.

    See Everything Happening This Week

    Sponsor a Program

    • Upcoming Events
    • People First: Opportunity and Access

      June 12 - 13, 2025

      CHRO Summit: Navigating through a Tsunami of Change

      June 24, 2025

      Future: People Asia

      September 04 - 05, 2025

    •  
    • Executive Compensation in a Disruptive World

      September 16 - 17, 2025

      CED Distinguished Leadership Awards Celebration

      October 08, 2025

      The 2025 IBI/Conference Board Health and Productivity Forum

      October 16 - 17, 2025

    • Member-Exclusive Programs
    • Center Briefings
    • Experts Live
    • Roundtables
    • Working Groups
    • Expert Briefings
    • Explore by Type
    • Events
    • Webcasts
    • Podcasts
    • Member-Exclusive Programs
    • Center Briefings
    • Experts Live
    • Roundtables
    • Working Groups
    • Expert Briefings
  • Data
    Corporate Disclosure Data

    TCB Benchmarking

    Real-time data & analytical tools to benchmark your governance, compensation, environmental, human capital management (HCM) and social practices against US public companies.

    Economic Data

    All Data

    See current direction and trends across key indicators

    Consumer Confidence Index

    US consumers' thoughts on the economy, jobs, finances and more

    Data Central

    One-stop, member-exclusive portal for the entire suite of indicators

    Labor Markets

    Covering all aspects of labor markets, from monthly development to long-term trends

    Measure of CEO Confidence

    Examines the health of the US economy from the perspective of CEOs

     

    Recession & Growth Trackers

    See the current and future state of 16 economies.

    Global Economic Outlook

    Track the latest short-, medium-, and long-term growth outlooks for 77 economies

    Leading Economic Indicators

    Track the state of the business cycle for 12 global economies across Asia and Europe

    Help Wanted OnLine

    Track the status of job markets across the US through online job listings

    Other Featured Data

    Human Capital Analytics Tools

    Tools to understand human capital management and corporate performance

    CMO+CCO Meter Dashboard

    Tracks the impact, resources, and satisfaction of CMOs and CCOs

  • Centers
    Centers

    Centers offer access to world-class experts, research, events, and senior executive communities.

    Our Centers
    • Committee for Economic Development
    • Economy, Strategy & Finance
    • Governance & Sustainability
    • Human Capital
    • Marketing & Communications
    Center Membership
    • What Is a Center?
    • Benefits of Center Membership
    • Join a Center
  • Councils
    Councils

    Councils are invitation-only, peer-led communities of senior executives that come together to exchange knowledge, accelerate career development, and advance their function.

    Find a Council
    • Economy, Strategy & Finance
    • Governance & Sustainability
    • Human Capital
    • Marketing & Communications
    Council Membership
    • What Is a Council?
    • Benefits of Council Membership
    • Apply to a Council
  • Membership
    Membership

    Membership in The Conference Board arms your team with an arsenal of knowledge, networks, and expertise that's unmatched in scope and depth.

    • Why Become a Member?
    • Benefits of Membership
    • Check if Your Organization is a Member
    • Speak to a Membership Associate
    • Types of Membership
    • Council
    • Committee for Economic Development
    • Economy, Strategy & Finance
    • Governance & Sustainability
    • Human Capital
    • Marketing & Communications
    • Insights
    • Already a Member?
    • Sign in to myTCB®
    • Executive Communities
    • Member-Exclusive Programs
  • About Us
    About Us

    The Conference Board is the global, nonprofit think tank and business membership organization that delivers Trusted Insights for What's Ahead®. For over 100 years, our cutting-edge research, data, events and executive networks have helped the world's leading companies understand the present and shape the future.

    Learn more about Membership

    • Who We Are
    • About Us
    • In the News
    • Press Releases
    • Our History
    • Support Our Work
    • Locations
    • Contact Us
    • Our Community
    • Our Leadership
    • Our Experts
    • Trustees
    • Voting Members
    • Careers
    • This Week @ TCB
Check if You're a Member
Create Account
Forgot Your Password?

Members of The Conference Board get exclusive access to the full range of products and services that deliver Trusted Insights for What's Ahead ® including webcasts, publications, data and analysis, plus discounts to conferences and events.

Labor Shortages

Global Economy Briefs

Timely insights from the Economy, Strategy & Finance Center

  • Email
  • Linkedin
  • Facebook
  • Twitter
  • Copy Link

Job Growth Increases, No End in Sight for Labor Shortages

November 05, 2021

Commentary on October U.S. Bureau of Labor Statistics Employment Situation Report

Today’s jobs report showed strong employment growth after two consecutive months of weaker gains, reflecting a recovery from Delta’s negative impact on the economy. As of October, there are no signs that severe labor shortages in the US are easing.

Nonfarm payroll employment increased by 531,000 in October, after an upwardly revised increase of 312,000 in September and 483,000 in August. The unemployment rate ticked down from 4.8 to 4.6 percent. Overall, jobs still number 4.2 million below February 2020 levels. Women represent 57 percent of these job losses. The labor force participation rate remained unchanged at 61.6 percent.

After stagnating in August and September, the strong recovery in the leisure and hospitality industry resumed in October, adding 164,000 jobs. Job growth was strong across most industries, with government education being a notable exception.

The rapid wage inflation in October suggests that the US labor market is still experiencing severe labor shortages, despite the expiration of the enhanced unemployment benefits and the reopening of schools. Some are delaying a return to the labor market because they still fear the virus. In addition, older Americans' labor participation rate significantly declined during the pandemic—and there are no signs of it recovering. Moreover, many working-age Americans have become more selective in terms of the jobs they are willing to consider, or they have decided to stop working altogether.

Even though schools have reopened, many parents still face barriers to returning to work. The ongoing spread of the virus is leading to many disruptions in in-person teaching. In addition, the childcare industry is far from fully recovered, and some parents do not have a childcare solution for their children.

While some people are returning to the labor market, the sheer number of them is disappointing. The labor force participation rate has been relatively unchanged since April, despite rapid wage growth. And any additional job seekers are gobbled up by the US economy reopening, leading to a rapid drop in the unemployment rate.

Average hourly earnings increased 5.7 percent (annual rate) over the past seven months, and other labor market indicators also show that employers are having difficulties attracting and retaining workers.

The most likely scenario is that many Americans will return to the labor market in the coming months, and job-search intensity among job seekers will increase, as their savings gradually deplete, leading to labor shortages easing a bit. But while severe shortages continuing into 2022 is not the most likely scenario, the chances of it are significantly increasing. In that case, a wage-price spiral—where higher prices and rising wages feed each other, leading to faster increases in both—could have major economic implications.

In such an environment, the Federal Reserve might be forced to raise interest rates significantly more than the two hikes markets are currently expecting. This would slow GDP growth to well below current expectations by economists.

Download Brief
Great News!

You already have an account with The Conference Board.

Please try to login in with your email or click here if you have forgotten your password.

  • Download
  • Download Brief

Author

Gad Levanon, PhD

Gad Levanon, PhD

Former Vice President, Labor Markets

Read BioGad Levanon, PhD

More From This Series

Brief

Price Hikes, Supply Chain Disruptions Increasingly Likely for US Pharmaceuticals

May 19, 2025

Brief

Consumers Pull Back in April after Buying Spree in March

May 15, 2025

Brief

No Major Signs of Tariffs in April CPI, Yet

May 13, 2025

Brief

US-China De-Escalation Brings Down Sky-High Tariffs

May 12, 2025

Brief

Fed to Remain Patient amid Rising Stagflationary Risks

May 07, 2025

Brief

Expect Surge in E-Commerce Prices, as De Minimis Exception Ends

May 05, 2025

View Less View More

Charts

Wages come down in 2nd quarter

Wages come down in 2nd quarter

LEARN MORE Yellow and white frame illustration

Charts

Wage inequality continues downward trend

Wage inequality continues downward trend in quarter 2 of 2023

LEARN MORE Yellow and white frame illustration

Charts

Recent hikes in quits rates indicate retention difficulties across all industries

Recent hikes in quits rates indicate retention difficulties across all industries, but have nearly approached pre-pandemic levels

LEARN MORE Yellow and white frame illustration

Charts

Decline in office and administrative support work suggests certain tasks and skills have been replaced by automation

Decline in office and administrative support work suggests certain tasks and skills have been replaced by automation

LEARN MORE Yellow and white frame illustration

Charts

CEOs are having trouble filling positions as the unemployment rate drops lower

CEOs are having trouble filling positions as the unemployment rate drops lower

LEARN MORE Yellow and white frame illustration

Charts

Non-union wages are growing faster than union wages

Non-union wages are growing faster than union wages

LEARN MORE Yellow and white frame illustration

Charts

Future Occupational Labor Shortages Risk Index (database)

This index identifies the risk of future labor shortages for specific occupations.

LEARN MORE Yellow and white frame illustration

Charts

Employers Lowering Education Qualifications

Labor shortages and the tightening of labor markets have led companies to lower education requirements when recruiting.

LEARN MORE Yellow and white frame illustration

Charts

Amidst abundance of job opportunities, quits rate is historically high

The rapid rise in job openings to historic highs coupled with increasingly more workers quitting is leading to severe labor shortages, especially in leisure & hospita…

LEARN MORE Yellow and white frame illustration

Charts

Growth in Remote Work

There has been a large increase in the share of office job ads that mention remote work since before the pandemic.

LEARN MORE Yellow and white frame illustration

Publications

A Hot Labor Market in a Chilling Economy

A Hot Labor Market in a Chilling Economy

October 31, 2023 | Report

Balancing Employees' Flexible Work Expectations with Productivity Goals

Balancing Employees' Flexible Work Expectations with Productivity Goals

July 31, 2023 | Report

Wages come down in 2nd quarter

Wages come down in 2nd quarter

February 03, 2023 | Chart

Wage inequality continues downward trend

Wage inequality continues downward trend

February 03, 2023 | Chart

Recent hikes in quits rates indicate retention difficulties across all industries

Recent hikes in quits rates indicate retention difficulties across all industries

February 03, 2023 | Chart

Freight labor unrest emerging globally

Freight labor unrest emerging globally

October 27, 2022 | Article

View Less View More

On Demand Webcasts, Podcasts and Videos

How Can Companies Navigate a Dysfunctional Labor Market?

October 31, 2023

Let's Talk Global Business

European Labor Market Outlook H1

May 05, 2023

Investing in Productivity to Overcome the Tight Labor Market

April 19, 2023 07:00 AM ET (New York), 01:00 PM CET (Brussels), 07:00 PM SGT (Singapore)

Sustaining Capitalism Podcast Series

Solving Workforce Shortages in Health Care

March 28, 2023

Update and Outlook

May 18, 2022 01:00 PM ET (New York)

Inflation, Labor Markets, and the Fed

May 11, 2022 11:00 AM ET (New York)

View Less View More

Upcoming Events

Expert Briefing

Insights from Help Wanted OnLine®

Expert Briefing

Will wages spiral out of control?

Expert Briefing

What’s driving labor shortages and solutions?

Expert Briefing

Labor Shortages

Expert Briefing

Insights from Help Wanted OnLine®

Expert Briefing

Will wages spiral out of control?

Expert Briefing

What’s driving labor shortages and solutions?


Press Releases / In the News

PRESS RELEASE

Why the World Is Running Out of Workers

August 13, 2024

PRESS RELEASE

Report: As US Economy Grapples with Nearly 11 Million Unfilled Jobs, Immigr…

March 21, 2023

PRESS RELEASE

Difficulty Finding and Retaining Office Workers Skyrockets

May 05, 2022

PRESS RELEASE

CED Report Outlines Ways to Tackle Ongoing Labor Shortages

April 20, 2022

PRESS RELEASE

Tepid Job Gains Highlight Hiring Difficulties

June 04, 2021

PRESS RELEASE

Report: As COVID-19 Recedes, Labor Shortages Return as a Key Challenge for …

May 28, 2021

View Less View More
  • Tags
  • Economic Data & Analysis
  • Labor Shortages
  • The Conference Board Employment Trends Index™ (ETI)
  • Global Economy
  • Labor Markets

Expert / Author

authorImage

Jeanne Shu

Strategic Projects Lead, Economy, Strategy & Finan…

The Conference Board

Read Bio

EVENT PORTAL

Forgot Password | Resend account confirmation

Conference Board Sample Web Chat
chatbot-Icon TCB Logo
chatbot-Icon
Navigating Washington - Sign up to receive the latest business insights related to executive orders, new laws, and changing regulations.
ABOUT US
  • Who We Are
  • Annual Report
  • Our History
  • Our Experts
  • Our Leadership
  • In the News
  • Press Releases
MEMBERSHIP
  • Become a Member
  • Sign In to myTCB®
  • Access Experts
  • Member-Only Events
  • Data & Benchmarking
  • Manage Account
EXPLORE
  • Centers
  • Councils
  • Latest Research
  • Events
  • Webcasts
  • Podcasts
  • This Week @ TCB
CONTACT US
  • Americas
    +1 212 759 0900
    customer.service@tcb.org
  • Europe/Africa/Middle East
    +32 2 675 5405
    brussels@tcb.org
  • Asia
    Hong Kong | +852 2804 1000
    Singapore | +65 8298 3403
    service.ap@tcb.org
CAREERS
  • See Open Positions
Terms Of Use | Privacy Policy | Event Code of Conduct | Trademarks
© 2025 The Conference Board Inc. All rights reserved. The Conference Board and torch logo are registered trademarks of The Conference Board.
The use of all The Conference Board data and materials is subject to the Terms of Use. Reprint requests are reviewed individually and may be subject to additional fees.The Conference Board reserves the right to deny any request.
Terms of Use | Privacy Policy | Event Code of Conduct | Trademarks
© 2025 The Conference Board Inc. All rights reserved. The Conference Board and torch logo are registered trademarks of The Conference Board.
The use of all data from The Conference Board data and materials is subject to the Terms of Use. Reprint requests are reviewed individually and may be subject to additional fees.The Conference Board reserves the right to deny any request.

Thank you for signing up. You will now receive CEO Insights for What's Ahead every Wednesday morning. You can unsubscribe at any time or manage your preferences to receive more content from The Conference Board.

Announcing The Conference Board AI Virtual Conference Series

Explore the Impact of AI on Your Business

Members receive complimentary registration - Learn more >>