Job Growth Tempered by Worker Shortage
Washington, D.C. (August 3, 2018)—The July jobs report released this morning by the Bureau of Labor Statistic shows a strong economy in which it’s becoming harder for small employers to find qualified workers, said the Job Creators Network (JCN) today.
“The economy has been booming for months now, and while small business owners have been benefiting from less regulations and lower taxes, the scarcity of available labor is becoming a challenge,” said Alfredo Ortiz, JCN President and CEO. “Essentially, everyone who wants a job already has one.”
The labor report added 157,000 jobs in July and the unemployment rate ticked down to 3.9 percent. One way employers may be dealing with the labor shortage is to convert part-time workers into full-time employees. The U-6 unemployment figure, which includes people in part-time jobs who want to work full time, dropped to an 11-year low.
“That’s a sharp reversal of a trend that started under the previous administration, when employers were shedding full-time workers. The policies in place now put a higher premium on good employees, which means more people are finding full-time work. That’s great news, and it will continue to drive up wages.”
Workforce development policies, like the ones the Administration is pursuing, should ease the labor shortage, said Ortiz.
“The Administration has been very aggressive at getting people to enroll in workforce development programs, so they can get the skills that are in demand. That’s very important for small employers and we applaud the President for his focus on the issue.”