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Great Resignation slowed, job openings jumped

On September 16, 2021, a sign indicating that help is needed was posted at the hardware store in San Francisco.

Justin Sullivan | Getty Images

According to the Labor Department, October saw the so-called Great Resignation slow down. Workers left their jobs due to dissatisfaction and better opportunities elsewhere decreased, Wednesday’s Labor Department report showed.

From 4.36 million to 4.16 millions, the number of people quitting their job fell 4.7%. the department saidIts Job Openings Survey and Labor Turnover Survey. This rate was a decrease in the percentage of workers from 3% down to 2.8%.

At the Federal Reserve, we closely monitor JOLTS reports for any signs of tight labor markets.

The quits rate fell, but the number of jobs available accelerated just below the all-time high. The 11.03 million figure is an increase of 4.1%, as 6.9% was achieved from 6.7%.

By 3.6 million, there were more job seekers than openings in October. JOLTS data is a month behind nonfarm payrolls, which saw a monthly gain of 546,000.

Pandemics have seen record-breaking levels of panic. The level remains 24% higher than it was one year ago, despite October’s decrease.

According to economists, the migration is seen as a greater chance in the post-pandemic job market. This was mainly because many people are still unwilling to leave the workforce due either health or child-care concerns.

The labor force, which was smaller by 2.4 million than it was in February 2020, was unchanged through November. Total employment was down by more than 3.5million.

The October total hiring level was lower than the month before, and separations were also down.

Mike Robinson
Mike covers the financial, utilities and biotechnology sectors for Street Register. He has been writing about investment and personal finance topics for almost 12 years. Mike has an MBA in Finance from Wake Forest University.