Job quitting has set a record in the United States.
The number of Americans who left their jobs voluntarily reached a record high in September; While job opportunities remained stubbornly above pre-epidemic levels, these are signs that wages are awful and businesses may be forced to raise wages to attract workers.
The Department of Labor’s monthly job opportunities and workflow survey, or the JOLTS report released on Friday, shows an unbalanced economy with strong demand for labor and commodity shortages, pushing headline inflation to its highest annual growth in 31 years. Is.
The struggle to attract workers boosted wage growth to 4.9 percent in October, although headline inflation has outpaced growth, leading to lower real incomes.
The number of layoffs rose to about 164,000 in September, bringing the total to a record 4.4 million.
Labor shortages may continue for longer.
Fewer Americans, on the other hand, feel better about the economic outlook. The University of Michigan Consumer Emotion Survey found that U.S. consumer sentiment peaked in early November at its lowest level since November 2011 as rising inflation pushed up living standards.
“There is a growing belief among consumers that no effective policy has yet been put in place to reduce the damage caused by rising inflation,” he added.
