Labor Department: Record-High Number of US Workers Quit Jobs in March

The Department of Labor’s Bureau of Labor Statistics released data on Tuesday showing that a record 4.5 million American quit their jobs in March amid soaring inflation and fuel prices.

The business services and construction sectors saw the largest increase in the number of resignations at 3%, a level not seen since December 2021, according to an analysis of the data by CNN.

Retail and manufacturing job postings rose also rose, while government jobs and positions in transportation, warehousing and utilities decreased.

The latest data also adds to the total number of jobs available, which reached 11.5 million. In addition, the job openings rate inched back up to 7.1% from 7% in the prior two months.

”Workers continue to quit and get hired at fast rates in today’s economy. This ‘churn’ is a positive sign of a strengthening labor market where workers can quit, search, and obtain new opportunities,” the Economic Policy Institute’s Elise Gould said on Twitter.

ZipRecruiter chief economist Julia Pollak commented on the news through Twitter, referring to the market as ”the greatest job seekers’ market of all time.”

”As employers require workers to return to offices, quits are ticking upwards. A major reason for quitting is to find a remote opportunity. In our recent survey of workers hired in the last 6 months, 14% said they gained the opportunity to WFH [work from home] through their job move,” she added.

Still, economists and investors are waiting for the government’s official jobs tally for April, which is due Friday morning.

© 2022 Newsmax. All rights reserved.

Source link

Leave a Reply

Your email address will not be published.


join the Patriot Network

Meet with other patriots

No censorship. Be free.