Joseph Brusuelas, the chief economist at RSM US LLP, points to a concern that hasn't gotten much airing recently: are there enough people to fill the open positions in the workforce? Here's what he says in a post-report client note:
Labor scarcity isn't a new problem at or near the peak of the business cycle, however given the shift in the economy that has emphasized increasingly technical skill sets it's becoming more and more intense because our education system has become increasingly outdated, primarily because we have a whole swath of luddites that believe simply throwing more money at the problem while keeping the same old structure is the solution.
The problem has been readily apparent in the structural unemployment numbers for some time now but IMHO it keeps getting lost in the politicization of nearly everything having to do with labor force.
The other challenge we have is that our higher education system graduates too many liberal arts and law students and not enough engineers, doctors and hard science professionals.
Perhaps we can set up a trade agreement with India where we trade them say 10,000 of our lawyers for every 1 of their engineers, maybe they can put those lawyers to good use digging ditches because clearly they aren't doing anything productive here.