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I came across an interesting article about the most recent jobs report. The key points to take away from the numbers are (from the CNBC article):
βοΈA record 4.5 million workers quit their jobs in November, while job openings declined to 10.6 million.
βοΈRestaurant and health-care workers were responsible for much of the surge in βquits.β
βοΈManufacturing activity also expanded in December, but less than expected, according to the latest ISM report.
Workers quit their jobs in record numbers in November while the total employment openings pulled back a bit, the Labor Department reported Tuesday.
In a phenomenon that has been labeled the Great Resignation, workers have been leaving their positions partly in response to increased mobility in the labor market as job openings strongly outnumber those looking for work.
βThe Great Resignation shows no sign of abating, with quits hitting a new record. The question is why, and the answers are for starkly different reasons,β said Robert Frick, corporate economist at Navy Federal Credit Union. When asked why Frick said:
1οΈβ£ COVID-19 burnout and fear are continuing
2οΈβ£ Many Americans have the confidence to quit given the high level of job openings and rising pay
My input is that it’s also:
3οΈβ£ Employees feel that their wages will not match the rising inflation numbers, and thus, will work for lesser pay with more responsibilities piling up
4οΈβ£ People want to take on side gigs, but full time. They want to see if they can put on their entrepreneur hat and give it a go, and in some cases, can obtain a remote role this way
The report comes three days before the Labor Department releases its closely watched nonfarm payrolls count for December. Economists surveyed by Dow Jones expect growth of 422,000 jobs and the unemployment rate to nudge lower to 4.1%.
π Read the article: https://www.cnbc.com/2022/01/04/jolts-november-2021-record-4point5-million-workers-quit-their-jobs.html
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