The temporary spike in unemployment over the last several years masks an impending labor shortage that is poised to strike American business. The numbers are scary.

The U.S. Bureau of Labor Statistics estimates a shortfall of about 10 million workers within the next six years. Between 2000 and 2010, the number of Americans between the ages of 55 and 64 will jump 47.2 percent, while those aged 25 to 34 will increase only 2.8 percent. The number of workers aged 35 to 45 will actually drop 13.7 percent.

According to the U.S. Census Bureau, one in six Americans will be 65 or older in 2020. Today that number is one in eight.

In plain language, the number of prime-age workers—those between the ages of 25 and 54—will shrink dramatically.

The Herman Group, in its report “Top Ten WorkPlace/Workforce Forecasts for 2004” states that, “As the economy picks up, employers will face the most severe shortage of skilled labor in history.”

Underlying the looming workforce shortage is a demographic shift of historic proportions. The baby boom generation will retire in large numbers, beginning in just a few years and peaking in 2012. They’re not being replaced by sufficient numbers of highly skilled workers.

Last year, The Conference Board released a report entitled “Valuing Experience: How To Retain and Motivate Mature Workers.” Howard Muson, author of the report, had this to say about the impending labor crisis: “The fierce competition for talent during the 1990s will return with a vengeance once the economy recovers.”

Businesses needing managers or skilled labor—positions traditionally held by older workers—could be particularly hard hit unless they begin attracting older workers. A labor shortage could also throw a wrench into the workings of small manufacturers.

“A talent shortage could not happen at a worse time,” says Jerry Jasinowski, president of the National Association of Manufacturers. “Unchecked, a shortfall could quickly hobble our manufacturing competitiveness once the global economy recovers in earnest.”

In the larger scheme, a labor shortage could mean a brain drain for companies. Employers of every size in every industry who ignore the statistics and predictions could risk the future success of their businesses.