Recently Americans have been quitting their jobs at an unusually high rate and this has been dubbed "The Great Quit" by many. Although, the rate of quitting isn't as high was it was at the start of this movement, the rate still grew from October to November at a clip of 3% which is .2% higher than the previous month. Alongside the increase in quitting rate, the number of job openings decreased as well. The job openings rate in November was 6.6%, down from 7% in October. This is an interesting trend to see, quitting increase and job openings decrease. Job openings per seeker fell as well to 0.778 in November from 0.860(this was a record high) in October. This makes sense to see a slight drop considering number of job openings decreased. When it comes to specific breakdowns of sectors in terms of job openings leisure and hospitality takes the cake at 8.7%. This would be expected though due to the current climate and Covid19, getting workers for those sectors is exceptionally challenging. The following two are professional business services at 7.8% and education and health care at 7.7%. Highest quit rates also coincide with the sectors with the most job openings. Overall, it seems as if "The Great Quit" has slowed down from the start but the quitting rates are still increasing, along with job openings decreasing most likely caused by companies being unable to support those positions in the current economic climate.
https://www.aier.org/article/private-sector-job-openings-fell-in-november-but-quits-surged/
I agree that the quitting increase and job opening decrease is very interesting to observe. It is interesting to see that the job openings per seeker is also falling. As positions either get filled or the company cuts them, it is concerning to see less job openings ,as those who are part of "The Great Quit" will have less options for new jobs.
ReplyDeleteI wonder that people who are quitting their jobs, are they looking for new ones or just sitting at home? And if they are not looking for new ones, will this increase unemployment rate in the US?
ReplyDeleteThis is really interesting as due to Stimulus packages that were given by the Biden Administration made people really lazy and not willing to work which in long run will be really hard for the US economy.
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