Only In North Dakota: Low Unemployment Hurting Businesses
As America, nationally, suffers through a prolonged economic malaise here in North Dakota there is some griping about unemployment being too low.
Some of this is clearly nonsense. Normal unemployment is not “around 6%.” That being said, labor shortages present a big challenge for businesses. It’s hard to grow an economy if you don’t have a pool of qualified workers to pull from. Plus, as competition for labor increases, wages inflate. That’s good in some ways – more pay in the pockets of workers – but bad in others in that it raises the cost of doing business and thus the price of goods and services.
Thankfully, this is a temporary problem at best. The rapid growth in North Dakota’s economy wouldn’t be with us forever, and we do have a large national pool of unemployed Americans to pull from.Tags: Economy, jobs, North Dakota News