Nearly Third Don’t Expect Labor Shortages To Abate Until 2023: NABE

More than a third of businesses don’t expect labor shortages to abate until 2023 or later, according to the “April 2022 Business Conditions Survey” report released today by the National Association for Business Economics. The survey included 84 NABE members and took place from April 4 to April 12.

Another 26% said they didn’t know when labor shortages will abate while 27% said their firms didn’t have a shortage.

The survey did find some easing of labor shortages between April and a similar survey that took place in January. Fourteen percent reported a shortage in unskilled labor in April, down from 24% in January, and 52% reported a shortage of skilled labor in April, down from 57% in January.

Overall, the report pointed to escalating costs for businesses.

“The results of the April 2022 NABE Business Conditions Survey show that cost pressures kept rising during the first quarter of 2022,” said NABE VP Julia Coronado, president and founder, MacroPolicy Perspectives LLC. “Record-high percentages of panelists report that wages and materials costs increased.”

Another finding: 70% of respondents said wages rose in the first quarter, up from 60% in a similar survey in January. The 70% number was the highest in the survey’s 40-year history.

In addition, 67% believe wage costs will rise over the next three months.

Original article: ( https://www2.staffingindustry.com/Editorial/Daily-News/Nearly-third-don-t-expect-labor-shortages-to-abate-until-2023-NABE-61414 )