(FORTUNE Magazine) – Given all the laid-off employees still spilling out of corporations (see Managing), it seems almost laughable to speak of a labor shortage. But there are two reasons to take one seriously. In more than 50 U.S. metropolitan areas, the unemployment rate is now well below 6% (see table). And in January, when Olsten Staffing Services surveyed human resource executives nationwide, nearly half said their companies were understaffed and were having trouble finding qualified job applicants. How can this be? One explanation is that technology is outpacing the labor force's ability to learn new skills. Highly trained computer-literate folks are in hot demand, especially if they're proficient in the latest software. Edward Kopko, CEO of Butler International, a company that hires out engineers and other technical specialists, says he can't find enough qualified people to fill his contracts. One of his clients, Boeing, needs engineers for the design and production of its 777 jetliner. But Kopko can't turn up as many engineers familiar with sophisticated computer design software as he needs. Moreover, Olsten senior VP Gordon Bingham says it's getting harder to fill any job requiring proficiency in off-the-shelf Windows and Macintosh software. Even entry-level workers are scarce on the ground. In metro Denver, where the unemployment rate is 4.8%, Bestop Inc. plans to raise its pay scale to attract more workers to its automotive soft-top manufacturing plants. Telemarketers in Omaha, which has a 3.1% jobless rate, can't find the bodies to make their calls. Bingham estimates that wages for mail-order phone operators in that city have increased 50% in the past two years. "Finding qualified workers is going to become a bigger challenge," he laments. It's a challenge only a bond trader could hate.

CHART: NOT AVAILABLE CREDIT: SOURCES: REGIONAL FINANCIAL ASSOCIATES, BLS CAPTION: METRO AREAS WITH THE LOWEST UNEMPLOYMENT RATES