An enduring image from the 1970s was of gas lines — panicked motorists waiting for hours to fill up their cars as fuel became scarce. A pair of oil shocks caused short-term disruptions to day-to-day life and long-term repercussions for the American economy.
Today, the United States is facing another shock whose effects might be just as far-reaching — this time in the labor market. A booming economy has made companies want to hire more workers, but they aren’t able to find people with the skills and talent they need. The so-called Great Resignation has contributed to record job openings and exacerbated worker shortages in industries such as healthcare, cybersecurity and manufacturing. In December alone, 4.3 million Americans left their jobs. The conflict in Ukraine will only exacerbate the need for talent – particularly in technology fields — as a natural consequence of geopolitical instability is a reluctance to move work offshore.
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