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May 2022 / VIDEO

A Labor Demand and Supply Imbalance Challenges the Fed

Labor demand has considerably outpaced supply, but the job market tightness can ease if more workers join the labor market

Key Insights

 
  • U.S. labor demand has considerably outpaced the supply of workers during the recovery from the pandemic-induced recession in 2020.
  • This labor market tightness has contributed to upward pressure on wages and made the Fed’s task of taming inflation more difficult.
  • The labor market may not be as tight as the headline unemployment rate makes it appear, as more workers can join the job market.

U.S. labor demand has considerably outpaced the supply of workers during the recovery from the pandemic-induced recession in 2020. This has contributed to upward pressure on wages and made the Fed’s task of taming inflation more difficult. The Fed hopes that the labor market tightness can ease somewhat if more workers join the labor market.

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This material is being furnished for general informational and/or marketing purposes only. The material does not constitute or undertake to give advice of any nature, including fiduciary investment advice, nor is it intended to serve as the primary basis for an investment decision. Prospective investors are recommended to seek independent legal, financial and tax advice before making any investment decision. T. Rowe Price group of companies including T. Rowe Price Associates, Inc. and/or its affiliates receive revenue from T. Rowe Price investment products and services. Past performance is not a reliable indicator of future performance. The value of an investment and any income from it can go down as well as up. Investors may get back less than the amount invested.

The material does not constitute a distribution, an offer, an invitation, a personal or general recommendation or solicitation to sell or buy any securities in any jurisdiction or to conduct any particular investment activity. The material has not been reviewed by any regulatory authority in any jurisdiction.

Information and opinions presented have been obtained or derived from sources believed to be reliable and current; however, we cannot guarantee the sources’ accuracy or completeness. There is no guarantee that any forecasts made will come to pass. The views contained herein are as of the date written and are subject to change without notice; these views may differ from those of other T. Rowe Price group companies and/or associates. Under no circumstances should the material, in whole or in part, be copied or redistributed without consent from T. Rowe Price.

The material is not intended for use by persons in jurisdictions which prohibit or restrict the distribution of the material and in certain countries the material is provided upon specific request. It is not intended for distribution to retail investors in any jurisdiction.

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