With low labor-force participation, declining immigration levels, and the looming retirement of baby boomers on the horizon, the U.S. labor market is tightening and driving up wages. Over the next decade, the country will experience a labor shortage that will disproportionately affect some industries and professions, predicts an April 2016 report from The Conference Board.
"We may see policy or other changes over the next 10 years that could influence us greatly," says Phil Noftsinger, CPA, the creator of the CBIZ Small Business Employment Index (SBEI), which has tracked small companies’ hiring trends since 2009. He cites pushback on free trade that might increase domestic manufacturing jobs or the rate at which automation will change demand for jobs in clerical and accounting sectors, for example.
Image: U.S. Navy photo by Mass Communication Specialist 2nd Class James R. Evans/Released
