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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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July 17
Senator J.D. Vance joins Donald Trump’s campaign, targeting pro-labor voters, Project 2025 includes gutting the National Labor Relations Board (NLRB), and Seattle Boeing workers prepare for a strike vote.
July 16
Teamsters president speaks at RNC; Starbucks decertification campaign fails; Biden taps new PBGC leader
July 15
Workday bias suit moves forward; DOL proposes new LMRDA rule; Bronx Defenders to go on ULP strike
July 14
Teamsters president to speak at RNC; youth work permit requirement rollbacks; eulogies to Jane McAlevey.
July 12
Dollar Tree and OSHA settle; union leaders split over Biden support; new report on low wages.
July 11
President Biden meets with union leadership and a New York law firm announces new applicant screening policy regarding student protest activity.