Americans Keep Quitting By The Millions
Anyone expecting signs of an abatement in America's so-called "Great Resignation" was disappointed on Tuesday.
Government data showed the number of job openings on the last business day of March stood at 11.549 million, a new record.
Hires, by contrast, fell slightly, leaving the widest gap ever (figure below) and underscoring the "funhouse mirror" characterization of the US labor market.
That suggests very little progress along the road to normalization. To say frictions remain would be to
Fed tightening can work the labor problem from both ends. Demand reductions, yes. But also a potential increase in supply as retirees and the soon to be retired rethink their math and budgets in the face of falling assets.
@Fatmoose, agree – I know some recent retirees now looking for work, and prospective retirees reconsidering their plans.
Put those boomers to work, so entitled…
Sure, because the job market is so positive for folks in their 60’s.
The folks in their 60s and 70s I know who are looking for work, are looking for part-time work to supplement retirement and/or as something to do, not trying to return to work full-time at the same level than they reached before retiring. Within those limited parameters, they seem to be having better success finding work than in previous times.
I can believe that’s true for those in good circumstances and retirement. Heard an article from the WSJ just today on the way to work about retired folks heading back to the workforce after being hit by inflation on fixed income. Interesting.
Yes, but what kinds of jobs these people are quitting- as you wrote they seem to be, “concentrated in accommodation and food services.”
Interesting article in the WSJ a few weeks ago about people looking for work, but not being given enough hours after being hired, specifically in the food industry. Also talks about the huge turnover and churn in these industries that may have some to do with the statistics.
https://www.wsj.com/podcasts/the-journal/why-workers-cant-get-enough-hours-even-in-a-jobs-boom/3905C91E-77EF-4DAD-B6BC-0A085B5BC2E9