According to David A. Rosenberg Chief Economist & Strategist for the wealth management firm Gluskin Sheff : Firms are reporting difficulty in finding qualified applicants for the job openings they have available. The latest Fed Beige Book highlighted labour shortages in health care, technology, transportation services, engineering and construction.
Perhaps part of the problem is that the U.S. education system is churning out graduates that are not really in great demand by the private business sector — we didn’t read much about the demand for social scientists and psychologists in the Beige Book. We’ve reached a state where more people are graduating with expertise in homeland security than in either computer science or math.
As a side note I’ve always thought it was interesting that we let 18 year olds make one of the largest financial decisions that a family will ever encounter- a $200k+ decision about which college to attend and what major to pick. College guidance and admissions people say it’s all about the “fit” and “following the passion”. Interesting and maybe true but I think the law of supply and demand is a more important factor to consider.