The slowing of employment growth is not associated with lack of opportunity, but simply reflects the fact that workers are in short supply, thus constraining the rate at which employment can grow. The last time New England's unemployment rate was this low was during the boom days of the 1980s. During that era, workers from regions with less vibrant economies flowed into New England in search of opportunity. Today, labor markets are tight all over the country, and there is less incentive for outsiders to migrate to New England in search of work. Job creation will be less pressing as growth in the working-age population slows If you are a worker, tight labor markets are advantageous.
Jobs are relatively easy to find, and the prospects are good for one's talents to be fully utilized.
For employers, tight labor markets are challenging and create incentives for increasing labor productivity. From the standpoint of policy makers, tight labor markets and the slowing of labor force growth bring into question the emphasis on job creation in economic development policy. Because of low fertility rates, the working-age population will be growing relatively slowly, and in some cases shrinking, across the developed world in coming decades. For example, over the next 30 years, the working-age population is forecast to decline in France, Germany, Japan, and the United Kingdom. By contrast, the U.S. working-age population is projected to grow 13.6 percent during this period.