Labor is in short supply, so it’s more expensive. It’s simple economics and hankering for pre-pandemic times won’t help
There is a significant shortage of labor across the United States. Yes, federal unemployment Covid payments ran out after Labor Day. But still, many workers are reluctant to return to work, wary of their health and safety as the Delta variant continues to rage. Many are looking to switch jobs amid reports of the “great resignation” and employers are desperate to do whatever they can to retain workers as demand continues to remain strong.
As a result, job openings are at a historic high and small businesses across the country are begging for workers. So what happens when the demand for a critical commodity is high and the supply of that commodity is in short supply? It’s simple economics: prices go up. Wages are going up.
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