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Fewer Americans are quitting their jobs these days as the labor market returns to pre-pandemic normal | Quartz

Fewer Americans are quitting their jobs these days as the labor market returns to pre-pandemic normal | Quartz

The Great Resignation, a workforce phenomenon that took the world by storm, seems to be fading away. According to the US Bureau of Labor Statistics, 3.4 million people voluntarily left their jobs in December, a significant drop from the peak of 4.5 million resignations witnessed in April 2022. This decrease resulted in the quits rate, which measures the number of people quitting their jobs as a percentage of overall employment, falling to 2.2%. It appears that the frenetic pace of job turnover during the pandemic is now stabilizing.

Despite the declining quit rate, the gap between job openings and actual resignations continues to grow, with 9 million job openings available in December, marking a two-month consecutive increase. However, many workers still express uncertainty about the state of the US economy, making them less inclined to switch jobs. This hesitance among workers to change positions is tied to their overall confidence in economic prospects.

Notably, the service sector is experiencing particular challenges due to labor shortages. For instance, the “accommodation and food services” sector, which typically has high turnover, decreased its quit rate to 4.5% in December. This sector is critical because it directly influences inflation, and the recent decline in job openings may impact prices.

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Rising-Dough-e1700879911412 Fewer Americans are quitting their jobs these days as the labor market returns to pre-pandemic normal | QuartzHow do fluctuations in the labor market, such as the Great Resignation and its aftermath, affect the economy, businesses, and consumers?

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fdfbd7efdf4413e61812af22909984f3?s=64&d=mm&r=g Fewer Americans are quitting their jobs these days as the labor market returns to pre-pandemic normal | Quartz
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Miari. R
22 days ago

Fluctuations in the labor market affect the economy, businesses, and consumers because many are likely to keep their same jobs because it can cater to/uphold their lifestyles. Businesses are likely to keep and or gain employees. The economy will find that prices won’t be as expensive and buying as normally.

2308a5c45dbded1931a9cb8cbe06575b?s=64&d=mm&r=g Fewer Americans are quitting their jobs these days as the labor market returns to pre-pandemic normal | Quartz
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Corinne
22 days ago

If people are quitting more it would increase the need for labor inducing jobs and people would have less money to spend on the economy. If more people get jobs that have tons of labor, it would leave room for others to get easier jobs and the economy wouldnt be affected that much.

38df5bd4fba3f42b3375d36d3b50b5b8?s=64&d=mm&r=g Fewer Americans are quitting their jobs these days as the labor market returns to pre-pandemic normal | Quartz
Guest
Sayuri
22 days ago

Fluctuations in the labor market affect the economy if people are quitting their jobs, it would increase the need for labor inducing jobs and people would have less money to spend on the economy. Which would start to kill people business and soon after those effects will affect people’s lifestyles and consumer in general.

05aad206ff5b10498eb0e3a1a289fb97?s=64&d=mm&r=g Fewer Americans are quitting their jobs these days as the labor market returns to pre-pandemic normal | Quartz
Guest
jermariah brown
22 days ago

Fluctuations in the labor market affect the economy, businesses, and consumers because many are likely to keep their same jobs because it can uphold their lifestyles. eventually it would leave room for others to get easier jobs and the economy wouldn’t be affected that much.

0db7d5bc0b06dbba4809d7f9307618f1?s=64&d=mm&r=g Fewer Americans are quitting their jobs these days as the labor market returns to pre-pandemic normal | Quartz
Guest
onyx rosario
22 days ago

Fluctuations in the labor market, exemplified by phenomena like the Great Resignation and its aftermath, can lead to labor shortages, impacting businesses by limiting production capacities and potentially raising wages, which, in turn, may contribute to inflationary pressures and influence consumer spending patterns, creating a complex interplay that influences overall economic dynamics.

ea1935b3c6616fa93b6c53984cd96534?s=64&d=mm&r=g Fewer Americans are quitting their jobs these days as the labor market returns to pre-pandemic normal | Quartz
Guest
Eli
22 days ago

The Great Resignation and its aftermath have created a ripple effect across the economy. Businesses face workforce challenges with potential labor shortages, impacting operations and potentially leading to increased costs. Consumers may experience shifts in job security and spending habits, influencing overall economic stability. Companies adapting to remote work and prioritizing employee well-being are emerging trends, reshaping the traditional work landscape. The government’s response and policies play a crucial role in mitigating economic disruptions and supporting both businesses and workers during these labor market fluctuations.

6a0f3acfdc366dedcb0b8399c0ebcf4c?s=64&d=mm&r=g Fewer Americans are quitting their jobs these days as the labor market returns to pre-pandemic normal | Quartz
Guest
Katherine M.
22 days ago

Such fluctuations in the labor market greatly affect the state of the economy. For instance, when there’s a great resignation, people have less spending power and therefore the whole supply and demand curves change. There would be a high unemployment rate as well which would heavily impact the state of the economy. Essentially, the two go hand in hand.

1c20033248a2d18d2ad1ae07bdfb22f9?s=64&d=mm&r=g Fewer Americans are quitting their jobs these days as the labor market returns to pre-pandemic normal | Quartz
Guest
Camari Bell
21 days ago

fluctuations in the labor market affect the economy because many people likely to keep their same jobs because it can hold up their lifesyles

eb4474712598b40fa1bbbb91a5e6b891?s=64&d=mm&r=g Fewer Americans are quitting their jobs these days as the labor market returns to pre-pandemic normal | Quartz
Guest
Anthony
21 days ago

fluctuations in the labor market affect the economy because if people quit then the economy will go down and affect the nation

31ff78fff31d62f867386748ea3bd048?s=64&d=mm&r=g Fewer Americans are quitting their jobs these days as the labor market returns to pre-pandemic normal | Quartz
Guest
liliana
21 days ago

Fluctuations in the labor market can affect the economy because many people maintain the same jobs and stuff and to kind of build their character so that way they are known for something.

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stonestreetcoffee.com ☕️ **Discover Stone Street Coffee Company - Your Coffee Haven!** Today's Dough readers, if you're on the hunt for exceptional coffee and cold brew, look no further than Stone Street Coffee Company. We at Today's Dough are smitten with their rich coffee blends and refreshing Cold Brew. Stone Street's commitment to quality shines through in every sip. Now, exclusively for our readers, click the banner above to snag a $5 off coupon on your next order. Experience the finest, ethically sourced beans roasted to perfection. Join the Stone Street community, savor top-notch coffee, and elevate your daily brew. ☕️🌟

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10 Comments
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Newest Most Voted
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View all comments
Miari. R
Guest
Miari. R
22 days ago

Fluctuations in the labor market affect the economy, businesses, and consumers because many are likely to keep their same jobs because it can cater to/uphold their lifestyles. Businesses are likely to keep and or gain employees. The economy will find that prices won’t be as expensive and buying as normally.

Corinne
Guest
Corinne
22 days ago

If people are quitting more it would increase the need for labor inducing jobs and people would have less money to spend on the economy. If more people get jobs that have tons of labor, it would leave room for others to get easier jobs and the economy wouldnt be affected that much.

Sayuri
Guest
Sayuri
22 days ago

Fluctuations in the labor market affect the economy if people are quitting their jobs, it would increase the need for labor inducing jobs and people would have less money to spend on the economy. Which would start to kill people business and soon after those effects will affect people’s lifestyles and consumer in general.

jermariah brown
Guest
jermariah brown
22 days ago

Fluctuations in the labor market affect the economy, businesses, and consumers because many are likely to keep their same jobs because it can uphold their lifestyles. eventually it would leave room for others to get easier jobs and the economy wouldn’t be affected that much.

onyx rosario
Guest
onyx rosario
22 days ago

Fluctuations in the labor market, exemplified by phenomena like the Great Resignation and its aftermath, can lead to labor shortages, impacting businesses by limiting production capacities and potentially raising wages, which, in turn, may contribute to inflationary pressures and influence consumer spending patterns, creating a complex interplay that influences overall economic dynamics.

Eli
Guest
Eli
22 days ago

The Great Resignation and its aftermath have created a ripple effect across the economy. Businesses face workforce challenges with potential labor shortages, impacting operations and potentially leading to increased costs. Consumers may experience shifts in job security and spending habits, influencing overall economic stability. Companies adapting to remote work and prioritizing employee well-being are emerging trends, reshaping the traditional work landscape. The government’s response and policies play a crucial role in mitigating economic disruptions and supporting both businesses and workers during these labor market fluctuations.

Katherine M.
Guest
Katherine M.
22 days ago

Such fluctuations in the labor market greatly affect the state of the economy. For instance, when there’s a great resignation, people have less spending power and therefore the whole supply and demand curves change. There would be a high unemployment rate as well which would heavily impact the state of the economy. Essentially, the two go hand in hand.

Camari Bell
Guest
Camari Bell
21 days ago

fluctuations in the labor market affect the economy because many people likely to keep their same jobs because it can hold up their lifesyles

Anthony
Guest
Anthony
21 days ago

fluctuations in the labor market affect the economy because if people quit then the economy will go down and affect the nation

liliana
Guest
liliana
21 days ago

Fluctuations in the labor market can affect the economy because many people maintain the same jobs and stuff and to kind of build their character so that way they are known for something.

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