"Labor market is weak now, but impending worker shortage will change that," says Marshall Loeb, the former editor of Fortune and Money, in a column posted to Marketwatch.com this past week.
Sound familiar? It is a drum I’ve been beating since 1999 when I first wrote about the Perfect Labor Storm.
In the column, Loeb notes:
In the next decade, the American professional work force will continue to age and shrink. The median age of the overall population and the labor force will increase as the majority of the baby boomers move into their 50s and 60s, and the oldest into their 70s. From now until 2015, workers aged 55 to 64 will be the fastest-growing segment of the labor force… Between 2003 and 2008, an estimated 24 million baby boomers will have left the active workforce, primarily from executive, administrative, and managerial jobs.