Skills-jobs mismatch harming U.S. labor market -Fed's Plosser

Mon May 12, 2014 12:00pm EDT

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May 12 (Reuters) - U.S. employers are having trouble finding workers with the needed skills in science, technology, engineering and math, a top Federal Reserve official said on Monday.

"We are seeing a mismatch of skills in the workforce and the jobs that are being created," Philadelphia Fed President Charles Plosser said of the so-called STEM-trained workers who are in high demand.

"Sadly, we are not doing an adequate job of preparing our workforce for these jobs," he said in remarks prepared for delivery to a conference on reinventing older communities, hosted by his branch of the U.S. central bank.

Plosser did not comment directly on monetary policy or the economic outlook.

He repeated, however, that the labor force participation rate can drop, as it has, for demographic reasons such as the mass retirement of the baby boomer generation.

(Reporting by Jonathan Spicer; Editing by Leslie Adler)

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Comments (1)
BobNorton wrote:
I’d suggest that the employment statistics surrounding the misnomer that there is a skills gap are misleading. Companies are finally realizing that there is virtually FULL employment in high demand areas… and need to recruit with growth opportunities – not wish lists.

Far more has to do with THIS:
http://www.linkedin.com/today/post/article/20140409193543-15454-is-the-skills-gap-an-excuse-for-lazy-management?trk=vsrp_influencer_content_res_name&trkInfo=VSRPsearchId%3A484811398710558245%2CVSRPtargetId%3A5859743322499551232%2CVSRPcmpt%3Aprimary

May 13, 2014 2:41pm EDT  --  Report as abuse
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