For much of the current eight and a-half year-long recovery we have heard from employers that they cannot fill all their vacant jobs. We have heard about skills mismatches and problems passing drug tests. We have wondered why, if the jobs are going unfilled, employers are not raising wages until workers materialize. Immigration has nosed into the conversation more than once. Even video games and whether young men would rather play them than work has figured prominently in the debate. In reality, nobody knows what the right answer is, or even if there is an answer.
As the Federal Reserve continues to raise interest rates and discuss how tight the labor market may or may not be, this conundrum of the unfilled job has survived a surprisingly long time.
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