Employers are struggling to fill jobs created by a booming economy throughout many parts of the West, according to an Associated Press report. So far, however, it appears that the workforce isn't expanding fast enough to keep pace with the economic growth.
According to the AP: "Record low unemployment across parts of the West has created tough working conditions for business owners, who in places are being forced to boost wages or be creative to fill their jobs... Unemployment rates have been as low as 2 percent this year in places like Montana, and nearly as low in neighboring states. Economists cite such factors as an aging work force and booming tourism economies for the tight labor market...
"'This is actually the biggest economic story of our time, and we don't quite grasp it because it is 15 years in the making,' said economist Larry Swanson, director of the O'Connor Center for the Rocky Mountain West at the University of Montana.
"The U.S. Department of Labor reports the mountain West region — covering eight states along the Rocky Mountains — has the lowest overall unemployment rate in the nation. The region hit an all-time low of 3.4 percent in May."
No comments:
Post a Comment