Whirlpool’s CEO Marc Bitzer says he’s starting to get worried the U.S. labor shortage. In a recent interview American appliance maker was featured on CNBC’s and says he’s “starting to get worried” the U.S. labor market could face structural challenges in the years ahead, even after various pandemic-related hurdles have been cleared.
During the “Mad Money,” interview Bitzer was asked whether he was concerned about the country’s declining birthrate, which fell in 2020 the sixth straight year in a row, and what are the long-term implications for the world’s largest economy.
“Demographics drive consumption, but frankly also employment. … We’re producing 80% of what we sell in the U.S., so have more than 20,000 employees in the U.S.,” Bitzer said. “I’m starting to get worried that the labor shortages start becoming structural, so yes, demographics are a little bit of a worry down the road.”
The U.S. has millions of jobs open but many employers have reported trouble filling even as a broader range of economic activity has picked up from Covid-linked slowdowns.
Multiple factors are behind the current labor situation, including workers needing to juggle care responsibilities, health concerns and unsatisfactory wage offerings at vacant positions. Some may be taking early retirement and or have savings built up. Even though the pandemic damaged the economy, experts say it will take time for these barriers to subside.
