Even with the possibility of an economic slowdown in 2023, most don’t think the region’s labor shortage is ending any time soon, even in manufacturing heavy Elkhart County.
The fact is that the area lost a considerable number of workers during the pandemic because of early retirements, deaths, ongoing health issues caused by long COVID and people who chose to quit or move on to different careers, according to observers.
Though some manufacturing-heavy areas in Indiana might be impacted by a potential slowdown next year, most don’t see too much of an effect in this region because some employers are still struggling to fill positions and new jobs will be coming on line in the coming year.
Lingering impact:No end in sight: tight labor market will likely persist for years
Even if there is an economic slowdown caused by the Federal Reserve’s attempts to tamp down red-hot inflation, Michael Hicks, an economist at Ball State University, doesn’t see the tight labor supply going away anytime soon.
After six consecutive rate hike increases so far this year ? the last four of which have been 0.75% increases ? inflation seems to be cooling and the Fed has indicated it might reduce the next rate increase at its next meeting in mid-December, Hicks said.