According to Labor Department figures issued on Tuesday, the number of people quitting their jobs in November reached a new high of 4.5 million. Since the United States began keeping track of the figure nearly two decades ago, the number has increased from 4.2 million in October. About 3% of the workforce falls under this category.
The so-called “quits rate” analyses the number of persons who voluntarily left their jobs while counting those who left their previous employment for another work and those who quit but feel they will soon find new employment. A new job.
Indeed Hiring Lab’s Director of Research Nick Bunker said Tuesday that “workers continued to quit their jobs at a historic rate.” It continued to be a significant source of increased resignations in the low-wage sectors affected by the pandemic. More substantial bargaining power for workers due to higher resignations will most likely lead to higher wages.
Despite this, there were 10.6 million job openings in November, down from the previous month’s 10.7 million. Construction and manufacturing saw the biggest declines, followed closely by lodging and food services. Financial and insurance companies, as well as the federal government, have more job openings than usual.
The employment survey was conducted before the recent surge in the omicron variant. There are conflicting reports about how much impact this variant and its accompanying illness will have on the economy and job market. According to new data, more and more Americans are blaming President Joe Biden for the country’s economic woes. According to a CNBC poll released Tuesday, Biden’s approval rating has hit an all-time low.