The National Industrial Conference Board this week reported that total U.S. employment at the end of June reached 63,500,000. This was not only a new peak; it was more workers than had previously been thought necessary to meet all military and civilian production goals. Yet the U.S. today is not meeting those goals and lack of manpower is a prime reason for the failure.
The answer to this riddle may be 1) labor hoarding; 2) unrealistically low estimates of actual labor needs; 3) a combination of both. But the acuteness of the manpower shortage itself was underlined once again last week. In...
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