Unemployment in the U.S., at latest count, stands at 3.7% of the labor force, lowest since the Korean War. Gardner Ackley, chairman of the President's Council of Economic Advisers, recently called the developing labor shortage the U.S.'s single most serious inflationary threat. That the shortage is already critical in many areas has now become abundantly evident across the nation.
The Los Angeles Times has been running as many as 14 pages of help-wanted ads daily. On posters plastered all over the Lockheed Missiles and Space Co. grounds in Sunnyvale, Calif., an Indian...
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