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Fed’s Barkin says labor shortage is part of a long lasting phenomenon -Breaking

by Mike Robinson

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© Reuters. FILEPHOTO: President Thomas Barkin of Federal Reserve Bank of Richmond takes a break during the Dallas Fed Technology Conference in Dallas, Texas (U.S.A.), May 23, 2019. REUTERS/Ann Saphir

NEW YORK, (Reuters) – The persistent labor shortage that makes it hard for companies to hire needed workers could be due to longstanding demographic trends and the challenges associated with the pandemic. Richmond Federal Reserve Bank president Thomas Barkin stated Thursday.

Barkin spoke at a virtual event that was organized by Virginia Chamber of Commerce. Barkin expressed his belief in the long-term phenomenon.

According to him, officials might have to admit that the labor force participation rate is not rising due demographics or because people are changing their lifestyles.

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