ROSSLYN, Va (Reuters) – The labor shortages bedeviling U.S. businesses are unlikely to be resolved quickly or easily, Richmond Federal Reserve bank president Thomas Barkin said Friday, pointing to low immigration, population aging, and an array of factors suppressing labor force growth.
“We are moving towards an environment where labor is going to be short, not long,” Barkin said, adding it will take deliberate efforts on the part of businesses and political leaders to find ways to bring more workers into the labor market and improve productivity.
(Reporting by Howard Schneider)