This paper is based on two studies of teacher recruitment and retention commissioned by the General Teaching Council of Wales and the ESRC. Using official statistics from a variety of secondary sources, it shows trends over time in teacher numbers in England and Wales and examines teacher vacancies, pupil-teacher ratios, and teacher wastage. It concludes that although individual indicators, examined in isolation, are an inadequate basis for assessments of the situation, there is no evidence in the data of any "crisis" of teacher supply or demand in Wales (or most of England). There are regional, occasional, and subject-specific disparities, but there are now more teachers than ever before, while the number of pupils in schools is falling. The paper, therefore, considers a variety of possible explanations for the widely held belief that there is a serious shortage of teachers. (Contains 50 references.) (Author/SM)