A record 4.5 million workers quit their jobs in November

𝗔 𝗿𝗲𝗰𝗼𝗿𝗱 𝟰.𝟱 𝗺𝗶𝗹𝗹𝗶𝗼𝗻 𝘄𝗼𝗿𝗸𝗲𝗿𝘀 𝗾𝘂𝗶𝘁 𝘁𝗵𝗲𝗶𝗿 𝗷𝗼𝗯𝘀 𝗶𝗻 𝗡𝗼𝘃𝗲𝗺𝗯𝗲𝗿

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):

✔️A record 4.5 million workers quit their jobs in November, while job openings declined to 10.6 million.

✔️Restaurant and health-care workers were responsible for much of the surge in “quits.”

✔️Manufacturing 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.

“The 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,” said Robert Frick, corporate economist at Navy Federal Credit Union. When asked why Frick said:

1️⃣ COVID-19 burnout and fear are continuing

2️⃣ Many Americans have the confidence to quit given the high level of job openings and rising pay

My input is that it’s also:

3️⃣ Employees feel that their wages will not match the rising inflation numbers, and thus, will work for lesser pay with more responsibilities piling up

4️⃣ 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%.

👉 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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