A record number of Americans quit their jobs in March, underscoring how persistent turmoil in the labor market has made it difficult for employers to fill open positions.
Kroll Institute chief strategist Chris Campbell discusses the U.S. economy, the Federal Reserve and the impact of supply chain issues, as well as the war in Ukraine.in March, underscoring how one of the tightest labor markets in decades has made it difficult for employers to fill open positions.
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." As a result, Americans' incomes are rising across the board as employers have ramped up hiring to offset the losses.
The highest inflation in four decades, however, has eroded the pay gains for many workers: The government reported earlier last month that average hourly earnings for all employees actually declined 2.7% in March from the same month a year ago when factoring in the impact of rising consumer prices. Resignations in December were concentrated in accommodation and food services, health care and social assistance, and transportation, housing and utilities. A majority of people quit for a new job.
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