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Things as certain as death, taxes, and employers complaining about the lack of workers with the required skills, can be more firmly believ’d*Posted: 9 January 2015 in Uncategorized
Tags: corporations, Daniel Defoe, death, employers, skills, taxes, wages, workers
Death and taxes are pretty certain. So is the fact that employers complain they can’t find workers with the appropriate skills. Always. Now as in the past.
The problem is, the data on wages don’t reflect any kind of shortage. Real wages are not going up, which is what would happen if there actually were a shortage of workers with the skills employers want to hire. What the chart above shows is that nominal wages have been increasing about 2 percent per year, and real wages have been mostly unchanged.
Even today, with the official unemployment rate falling to 5.6 percent, the Bureau of Labor Statistics reports that average hourly earnings for all employees on private nonfarm payrolls decreased in December by 5 cents to $24.57.
So, no, there’s no skills shortage. If employers want to back up their complaint, they should start increasing wages. Which they’re simply not willing to do.
And that, too, is as certain as death and taxes.
*With apologies to Daniel Defoe.
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