Millions of Workers Quit or Changed Jobs in November

Millions of Workers Quit or Changed Jobs in November

(ReliableNews.org) – The pandemic economy is different from what the country has seen before. One might expect people to stay at their current jobs, keep their health insurance and ride out the COVID-19 crisis, but that’s not what’s happened. Millions of Americans quit their jobs over the last year, and November was no exception.

On January 4, the Bureau of Labor Statistics released its monthly Job Openings and Labor Turnover Summary. According to the report, the number of people who quit their jobs in November reached a new high of 4.5 million. That’s an increase of 3% from September. The food services industry saw the highest number of people leaving, followed by the healthcare industry.

The total number of job separations was 6.3 million. Meanwhile, 6.7 million people found new jobs. Those numbers could explain why the unemployment rate fell by 0.4% to 4.2%.

Experts are calling the trend of people quitting their jobs the Great Resignation. Although there are many reasons people are moving to other jobs, one of them is that employers are offering hiring incentives and pay increases in order to entice new hires amid the worker shortage.

With President Joe Biden’s inflation crisis driving up the price of everything from housing to food, some people have no choice but to find a better-paying job just to survive.

Copyright 2022, ReliableNews.org