4.5 million Americans left their job in November, a record number, according to the Labor Department. This shows that the job market is improving, analysts say.
On Tuesday, the agency also reported that employers posted 10.6 million job opportunities in November. Although that number is down from October, it is still historical. Additionally, employers hired about 6.7 million people which was up from October’s 6.5 million people added to the workforce.
Low-wage hotel and restaurant workers showed the largest percentage of those who quit. This is attributed to wage growth and bargaining power.
Because of the new surge in the omicron variant, there is a risk to the labor market but each wave of the pandemic has had a lessened economic impact.
When the pandemic first began, America saw 22 million jobs cut. However, after extensive government spending and vaccines, the economy has begun to thrive again.
The unemployment rate has now fallen under 4.2% which is considered full employment.
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