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We’re right in the middle of the worst shortage of workers in modern times. Where did millions of American workers go? That’s a great mystery that remains without an answer. With each passing month, thousands more workers simply vanish from the system. But all over the country, we can see “help wanted“ signs as businesses scramble to hire new personnel and resume their normal operations. The number of people currently employed is still close to four million below the peak of the health crisis last year. So what has really happened to all of those extra workers? Before you start thinking that they’re probably unemployed, recent data shows that this isn’t what’s happening. Unemployment claims are at the lowest level in decades. Even though seasonal adjustments and health-crisis-induced distortions can have an impact on official figures, economists are saying that today’s low level of unemployment is not as rosy as it seems. It is not an indication of a strong and resilient labor market, but it can actually unde
