4.5 million quit jobs: BLS

4.5 million quit jobs: BLS

May 04, 2022

356 Views

0 comments

A record 11.5 million job openings were posted by employers in March while nearly 4.5 million Americans quit or changed jobs, matching previous highs. This reflects the continued strength of the labor market where workers have the upper hand. Meanwhile, the Bureau of Labor Statistics reported on Tuesday that there were 6.7 million new hires with the numbers remaining steady. 

Economist Julia Pollack says, "Demand for workers remains white-hot. This is very broad, enormous growth. Even though we’ve almost recovered all of the jobs lost in the pandemic, the labor market just keeps getting tighter and tighter." 

This data on job openings and the number of workers quitting could also play into discussions about curbing inflation. Federal Chair Jerome H Powell says the “extremely, historically” tight job market is the reason why the economy can withstand higher interest rates without tumbling into recession. Overall, the number of job openings grew in March from a year earlier. The demand for workers rose most in retail, manufacturing and finance and insurance. 

Source: The Washington Post 

Previous days news

Comments

    Article
    25+ Hiring Strategies To Help You Source Talented Candidates

    Companies have resorted to digital hiring processes to ensure health, safety, and convenience to jo ...

    Why Work With Staffing Agencies To Hire Your Temporary Workers

    Recruitment is getting more challenging day by day. Layers of complexities have emerged with the pa ...

    The Unionization Wave

    From the peak of the pandemic in 2020 through the Great Resignation wave, unionization has been a ...

    Did You Lose Your Job During COVID-19? Here’s What to Do

    First of all, know that you’re not alone in this. About 20.6 million Americans have lost their jobs ...

    Show more news