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An unusual imbalance between supply and demand in the labor market is holding back the hiring rebound, but the trend shouldn’t last long, Federal Reserve Governor Lael Brainard said Tuesday.
On one hand, job openings soared to record highs in March as the country reopened and businesses looked to rehire. Yet a hugely disappointing April jobs report suggested that, while demand for labor was strong, not enough Americans were looking for work. The phenomenon has since been referred to as a labor shortage, joining the various other supply bottlenecks hindering the economic recovery.
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