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Outside the Box: Don’t worry: We aren’t going to run out of workers

Job growth has remained positive heading into every past recession.

The unemployment rate is at its lowest level since 1969 and is poised to fall further in the near-term. At the same time, nonfarm payrolls have increased for a record 96 consecutive months.

All of this good news has spawned concern that at some point the economy will run out of workers. Furthermore, when this happens, wage gains will be highly inflationary. This is a standard refrain from the Fed. History cautions otherwise.

The accompanying chart shows a long history of the year-over-year change in nonfarm payrolls.

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