Changing Workforce / Supply Chain Management

Worker shortages, rising costs hemming in a U.S. economy bursting at the seams

By MarketWatch

Jul 25, 2018

Get Plant Services delivered to your inbox Monday through Friday! Sign up for  Plant Services' complimentary Smart Minute (Monday-Thursday) and Smart Digest  (Friday) e-newsletters to get maintenance and reliability know-how you can put  to use today, plus the latest manufacturing news from around the Web, white  papers, and more. Learn more and subscribe for free today.

The Fed’s verdict: The rapidly expanding U.S. economy is running out of room to grow any faster as shortages of skilled workers and rising costs of raw materials handcuff businesses, the Federal Reserve said. The specter of increasing tariffs and a broad trade war is adding to the anxiety.

“Shortages were cited across a wide range of occupations, including highly skilled truck drivers, specialized construction and manufacturing workers, IT professionals and truck drivers,” the Fed's Beige Book said. Truck drivers are especially scarce.

In some cases, companies rejected new orders because they could not find enough workers to fulfill the demand. The “inability to find workers constrained [U.S.] growth,” the Fed reported.

Read the full story at