The Fed Can’t Print More Workers

The Federal Reserve is raising rates, the U.S. economy is weakening and recession talk is on the rise. But the biggest impediment to the job market still isn’t any of those things—it is the availability of workers.

The Labor Department on Friday said that the economy added a seasonally adjusted 372,000 jobs in June, well above the 250,000 economists expected. Meanwhile, the unemployment rate was unchanged at 3.6%, putting it near a 50-year low.