The news that unemployment rates reached a five-year low, coming in at 4.4 percent for October, confirms something we've been talking about at managersrealm for awhile: the affects of the beginning of a labor shortage.
At first glance this is good for workers because of the fact that anybody that wants to work should be able to get a job; and rightly so.
With the increase in wages, it also shows that supply is low and 
demand is high - a connection to the decreasing availability of workers.
The decrease of civilian unemployment of 0.2 percent, from 4.6 percent, is the third straight month that the jobless rate has fallen.
The hourly wages for workers has increased to $16.91 in October, a huge 0.4 percent increase over September. Over the last 12 months wages have grown by almost 4 percent.
Employment in professional services and businesses is where the greatest increases have been coming for employment.
This confirms that there is a battle for the professional worker in a number of fields. I keep hitting on this because managers, business leaders and business owners need to understand that this reality is now upon us. We need to make decisions and build strategies based upon this existing situation. This is happening now!
Sponsored link: The outsourcing every manager requires - Tampa Locksmith
Comment Preview