“If you’re unhappy with your job or want a raise, in today’s environment it’s pretty easy to find a new one,” said Gus Faucher, chief economist at PNC. “We see people voting with their feet.”
“The golden age” for workers
Joe Brusuelas, chief economist at RSM, said this could be the start of what could possibly be considered “the golden age for the American worker.”
“The American worker is now convinced that he or she has bargaining power and can get a reasonable wage – and influence the shape of working conditions,” Brusuelas said.
“This is what happens after great wars or depressions,” Brusuelas said. “It’s hard to spot while you’re at it, but we’ve been through a shock that caused an unexpected change in the population. And it will take some time to sort it out.”
In the long run, such a transformation of the workforce will be a positive thing, enabling more people to find career satisfaction and enabling companies to have happier employees. And it can allow more workers to earn a living and contribute to the economy as a whole, thereby narrowing the alarming gap between rich and poor.
In the short term, however, the labor shortage will continue to make it difficult to reopen the global economy, contributing to rising prices, supply chain stress, product shortages and delays. shipping.
“It takes a bit for these things to work out on their own,” PNC’s Faucher said.