In November 2021, a record number of people left their jobs, which shows how difficult it has been for employers to find people to work.
About 4.5 million people, or about 3% of the workforce, lost their jobs in November. That’s the same number as in September. In October, there were only 4.2 million people. In September, there were 4.4 million. It was about 3.6 million people before the virus.
The number of job openings, on the other hand, dropped to 10.6 million by the end of November. After a highly contagious coronavirus strain called omicron spread, the economy started to fall apart. This data comes from before that happened.
According to the data, workers who have become more powerful are leaving their jobs in favor of better wages, working conditions, and hours as businesses try to hire them with higher salaries. This new trend is called the “Great Resignation.” As a result, Americans’ incomes are going up all over the place because employers have hired more people to make up for the jobs that have been lost.
However, the highest inflation in nearly 40 years has taken away some of the pay gains that many people have made. The government recently said that average hourly earnings for all employees actually went down 0.4% from October to November when consumer prices rose. Average hourly pay rose by 0.3 percent in November, but the overall rate of inflation rose by 0.8 percent.
Hospitality and food service, transportation, housing, and utilities all had a lot of resignations in November. Most people leave their jobs to get a new one.
There have been more than 10 million jobs available for six months now. Before the pandemic started in February 2020, there were 7.7 million jobs available. An old record was 7.5 million people. In November, there were more job openings than unemployed people, which shows how hard it has been for employers to hire new people.
There will be a report on December jobs on Friday. It’s expected to show that employers hired 400,000 people last month. The unemployment rate, on the other hand, is expected to fall to 4.1% from 4.2%.
Some of the 13 million or more people who left their jobs in September, October, and November should be shown in a report. It should show how many of them got better, better-paying jobs than the ones they left.
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