I would be interested to see the projected change in labor force over time with the retirements and new adults both factored in.
I suspect the flaws in the data are becoming more significant.
It's funny about technology not keeping up. The way to have technology keep up would've been to keep rates low (encouraging investment) and not interfere with rising wages. Higher wages drive investment in better technology.
If labor costs are low, the return on automation is low. If labor costs rise, we have a bigger focus on reducing wasted labor. People are trained to think that more jobs if better, but that's too simplistic. If we can generate the same output with fewer hours committed, that's better.
Noone suggests we eliminate tractors for removing farming jobs. But we have opposition to anything new eliminating jobs.
always worth my time. Great article.
A very interesting, engaging and informative read..congratulations and thank you
10,000 Boomers retiring every day through 2030. We do not have enough people to backfill the positions. Technology and efficiency can't keep up.
IMO we are just seeing people being laid off / taking a new job with reporting timing issues not being able to be reconciled in real time.
I would be interested to see the projected change in labor force over time with the retirements and new adults both factored in.
I suspect the flaws in the data are becoming more significant.
It's funny about technology not keeping up. The way to have technology keep up would've been to keep rates low (encouraging investment) and not interfere with rising wages. Higher wages drive investment in better technology.
If labor costs are low, the return on automation is low. If labor costs rise, we have a bigger focus on reducing wasted labor. People are trained to think that more jobs if better, but that's too simplistic. If we can generate the same output with fewer hours committed, that's better.
Noone suggests we eliminate tractors for removing farming jobs. But we have opposition to anything new eliminating jobs.