"Indeed's research found that in the US, there will be 20 million fewer workers over the next 50 years. That's like 5% less workers. Of that decrease, Indeed estimated that 80% will be due to an aging population, and just 20% to AI-related job displacement."
"In the US, it's happening in Germany, the UK, all of the developed countries, it's gonna be faster. That's why what's happening literally is there are so many open positions in construction jobs, plumbers, healthcare jobs, electricians."
"Japan has struggled with a low birth rate for decades, but it has maintained a relatively stable labor force by increasing the number of women in the workforce. Unlike Japan, the US and many Western countries don't have a similar pool of untapped workers to fall back on."
"Such shortages will quickly become major headaches for consumers. I don't want to wait two months when I find the water leaking, but that's happening now in the US."
The labor market is facing significant demographic changes, particularly an aging workforce in developed countries. Indeed's research indicates a projected decrease of 20 million workers in the US over the next 50 years, primarily due to an aging population. This decline will lead to a shortage of workers in essential sectors like construction and healthcare. Unlike Japan, which has increased female workforce participation to stabilize its labor force, Western nations lack similar untapped labor pools. The resulting job shortages will create challenges for consumers needing timely services.
Read at www.businessinsider.com
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