The Workforce Challenge—Retirements, Wage Rates & Inflation

For any employer, the most recent U.S. unemployment numbers didn't offer any prospect of relief to the tight workforce situation. The overall U.S. unemployment rate dipped to 3.6% in March according to the Bureau of Labor Statistics (see Economy Added 431,000 Jobs In March Despite Worries Over Slowing Growth). This is just one-tenth of a percentage point above its pre-pandemic level and the lowest in over 50 years. And every ethnic and racial group saw its unemployment rate drop in March.

In response, hourly rates at many organizations and for many positions are . . .