U.S. Labor Market Is Even Tighter Based on Alternative Measures
- Goldman economists say jobs market now hottest since WWII-era
- Research shows labor supply is lower than indicators suggest
Workers walk into an office building in New York.
Photographer: Michael Nagle/BloombergThis article is for subscribers only.
The U.S. labor market is even hotter than the picture given by an unemployment rate nearing a 50-year low, according to research by some economists that warns of sustained inflationary pressures.
Goldman Sachs Group Inc. economists led by Jan Hatzius found there’s a shortage of 4.6 million workers, the most since the World War II period. That figure compares the total number of jobs -- including the near-record for those still open -- and the size of the labor force, or the number of people employed plus those looking for work.