American businesses big and small increasingly have the same problem: They can’t find workers.
The job market is so hot that employers are struggling to handle the consequences.
A Federal Reserve survey released Wednesday found labor shortages all over the country. And more businesses said they had no choice but to pay more to attract and keep the workers they want, a sign that wage growth may finally be picking up.
But companies are also losing out on business. That’s not an immediate problem for the economy, but it could hurt economic growth in the long term. The survey showed worker shortages increased significantly at the end of last year.