Bloomberg Business Week (04/24/14) Steve Matthews
Some metropolitan areas are experiencing spot labor shortages, and those numbers are expected to rise as the labor market strengthens nationwide. In response, employers are increasing wages, giving current employees more hours, adding benefits, and recruiting prospective workers from other regions. Thirteen percent of the country’s 372 metro areas had jobless rates under 5% in February, the approximate amount that the U.S. Federal Reserve considers full employment. Just two cities had less than 5% four years ago. There were 4.17 million positions open nationwide in February, an increase of 299,000 and the most since January 2008.