Commentary: The Labor Pool Is Deeper Than It LooksChristopher J. Farrell
Is the U.S. economy running out of workers? In October, the nation's unemployment rate dropped to 4.7%, its lowest level since 1973. Businesses are complaining bitterly about how difficult it is to fill vacancies. And according to Federal Reserve Board Chairman Alan Greenspan, labor markets are so tight that wage inflation is inevitable if the current growth rate continues.
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