Not so long ago authors were churning out dire books on how “The Rise of the Robots” would lead to “The Jobless Future”, amid authoritative forecasts that half of all US jobs would be at risk from automation starting right about now.
Recent jobs reports, however, raise a different threat: not whether robots will replace human labour, but whether they will get here fast enough to save the world economy from worker shortages.
Worldwide unemployment is at 4.5 per cent, the lowest since global records began in 1980. Labour shortfalls are at historic highs in advanced economies, including the UK and US. There are now 11.2mn openings for 5.6mn job hunters in the US, the widest gap since the 1950s. Millions of workers who quit during the pandemic have yet to return, adding to the desperation of bosses.