But as Chair Janet Yellen told a press conference on Dec. 16, after the central bank lifted rates for the first time since 2006, it may be a while before Fed policy has to contend with an actual labor shortage.
``The labor-force participation rate is still below estimates of its demographic trend, involuntary part-time employment remains somewhat elevated, and wage growth has yet to show a sustained pickup,'' she said.
Officials will get more information when the Labor Department releases December's payroll report on Friday. Economists surveyed by Bloomberg News expect that employers added 200,000 last month, compared with 211,000 in November, while unemployment rate probably stayed at 5 percent.