A record number of Americans quit their jobs in November, underscoring how persistent turmoil in the labor market has made it difficult for employers to fill open positions.
Former Walmart U.S. President and CEO Bill Simon expects the holiday season to be ‘difficult’ for retailers.in November 2021, underscoring how persistent turmoil in the labor market has made it difficult for employers to fill open positions.
Meanwhile, the number of job openings unexpectedly fell to 10.6 million by the end of November. The data comes before the highly contagious omicron variant of the coronavirus began disrupting the economy.The data emphasizes how newly empowered workers are quitting their jobs in favor of better wages, working conditions and hours as businesses lure new workers with higher salaries – a new trend dubbed the "Great Resignation.
The highest inflation in nearly 40 years, however, has eroded the pay gains for many workers: The government reported recently that average hourly earnings for all employees actually decreased 0.4% from October to November when factoring in the impact of rising consumer prices. Although average hourly earnings increased by 0.3% in November, that coincided with a top-line inflation increase of 0.8%.
A man wearing a mask walks past a"now hiring" sign on Melrose Avenue amid the coronavirus pandemic on April 22, 2021 in Los Angeles, California.
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