Labor Shortage

A labor shortage occurs when there are more job openings than available workers to fill them. This can happen due to various reasons, such as an aging workforce, skills mismatch, or economic growth that creates new jobs faster than people can be trained. As a result, businesses may struggle to hire enough employees, which can lead to increased wages and benefits as companies compete for talent. Labor shortages can impact productivity, slow down economic growth, and affect the overall job market, making it challenging for employers and workers alike.