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Skills-jobs mismatch harming US labor market: Fed's Plosser

Charles Plosser, president of the Federal Reserve Bank of Philadelphia.
Adam Jeffery | CNBC
Charles Plosser, president of the Federal Reserve Bank of Philadelphia.

U.S. employers are having trouble finding workers with the needed skills in science, technology, engineering and math, a top Federal Reserve official said on Monday.

"We are seeing a mismatch of skills in the workforce and the jobs that are being created," Philadelphia Fed President Charles Plosser said of the so-called STEM-trained workers who are in high demand.

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"Sadly, we are not doing an adequate job of preparing our workforce for these jobs," he said in remarks prepared for delivery to a conference on reinventing older communities, hosted by his branch of the U.S. central bank.

Plosser did not comment directly on monetary policy or the economic outlook.

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He repeated, however, that the labor force participation rate can drop, as it has, for demographic reasons such as the mass retirement of the baby boomer generation.

—By Reuters