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Sugar High

Last Friday, the Labor Department reported that the US unemployment rate hit its lowest level in almost 50 years. Just 3.7% of the nation’s population were out of work last month. At the same time, employers added 134,000 jobs, marking the 96th consecutive month of gains.

While underlying strength in the economy is fueling low unemployment, an increasing number of Baby Boomers are retiring, which is reducing the available labor pool. This phenomena of lower unemployment and a dwindling skilled workforce is likely going to continue.

The result is what some economists have coined a “sugar-high,” with the argument that the current situation cannot be sustained. This may be a bad omen for CEOs and corporate boards, which will increasingly find the executive talent pool short on the caliber of professionals they are looking for.

Still, I don’t buy that argument. There is every indication that the economy is going to continue on its robust pace. There are still plenty of years before the Baby Boomers fully exit the workforce.

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