Nicholas Anway is a student at Harvard Law School.
In today’s news and commentary: We’re in the midst of a “structural” labor shortage, giving workers bargaining power.
“It feels like we have a structural labor shortage out there,” said Federal Reserve Chair Jerome Powell late last week. And according to Business Insider, the tight labor market is a source of worker power. There are just under 4 million more jobs than workers in the labor force, the Fed reported; the aggregate labor force participation rate remains stuck below pre-pandemic levels. Powell pointed to three factors as driving the worker shortage. First, “accelerated retirements”: Goldman Sachs estimated that of the 2.5 million people who retired during the pandemic, 1.5 million retired early. Second, Powell emphasized the pandemic’s tragic effects on workers, explaining that “[c]lose to half a million who would have been working died from COVID.” Third, the market is “missing” over one million immigrant workers, according to Giovanni Peri, the director of the Global Migration Center at the University of California at Davis. “If you ask businesses, you know, pretty much everybody you talk to says there aren’t enough people,” Powell said. The labor market demand, reports Insider, means that “employers are still offering more in attempts to get workers.”
Daily News & Commentary
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April 17
Los Angeles teachers reach tentative agreement; labor leaders launch Union Now; and federal unions challenge FLRA power concentration.
April 16
DOD terminates union contracts; building workers in New York authorize a strike; and the American Postal Workers Union launches ads promoting mail-in voting.
April 15
LAUSD school staff reach agreement; EBSA releases deregulatory priorities; Trump nominates third NLRB Republican.
April 14
Meatpacking workers ratify new contract; NLRB proposes Amazon settlement; NLRB's new docketing system leading to case dismissals.
April 13
Starbucks' union files new complaint with NLRB; FAA targets video gamers in new recruiting pitch; and Apple announces closure of unionized store.
April 12
The Office of Personnel Management seeks the medical records of millions of federal workers, and ProPublica journalists engage in a one-day strike.