Record 4.5 million Americans quit their jobs in November – San Bernardino Sun

By PAUL WISEMAN | Related press

A record 4.5 million US workers quit their jobs in November, a sign of confidence and further evidence that the US job market is recovering strongly from last year’s coronavirus recession.

The Labor Department also reported Tuesday that employers posted 10.6 million jobs in November, down from 11.1 million in October but still high by historical standards.

Employers hired 6.7 million people in November, up from 6.5 million in October, the Labor Department reported Tuesday in its Monthly Employment and Labor Revenue Survey.

Nick Bunker, research director at the Reality Hiring Lab, notes that quit rates are high in the low-wage hotel and restaurant industries. “More people leaving means a stronger bargaining power for workers, which can lead to strong pay increases,” he said. “Wage growth is very strong in 2021 and… we could see more of the same in 2022.”

However, the Department of Labor collected the numbers before the omicron variant of COVID-19 was widespread in the United States. “While each successive wave of pandemics causes less economic damage, there is still a risk to the labor market from the current surge in cases,” Bunker said.

The job market is recovering from the brief but intense coronavirus recession last year. As COVID hit, governments ordered closures, consumers stayed home, and many businesses closed or cut hours. Employers cut more than 22 million jobs in March and April 2020, and the unemployment rate spiked to 14.8%.

But massive government spending – and ultimately the launch of a vaccine – brought the economy back. Employers have added 18.5 million jobs since April 2020, leaving the US still 3.9 million short of pre-pandemic jobs. The December jobs report is expected to show the economy added nearly 393,000 jobs this month, according to a survey by data firm FactSet.

The unemployment rate fell to 4.2%, close to what economists consider full employment.

https://www.sbsun.com/2022/01/04/a-record-4-5-million-americans-quit-their-jobs-in-november/ Record 4.5 million Americans quit their jobs in November – San Bernardino Sun

Curtis Crabtree

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