America’s jobs market ended 2021 in a markedly different climate from the one in which the year began: The numbers of open jobs and people walking off the job appeared to stabilize in December.
America’s jobs market ended 2021 in a markedly different climate from the one in which the year began: The numbers of open jobs and people walking off the job appeared to stabilize in December — albeit at stratospheric levels — according to the new Job Openings and Labor Turnover Survey released Tuesday.
“In general, it wasn’t a big surprise. We knew employers had a lot of need,” said Ron Hetrick, a senior economist at Emsi Burning Glass. “We’re still seeing most of our demand occurring in that lower-skilled worker population.” “What we’re seeing now is there’s a comfort level,” she said. “You add this labor market situation with resignation rates where they are [and] companies can’t necessarily afford to stop hiring. It may be the start of better days in the hiring market.”But first, labor market observers are bracing for more bad news in the near term.
Zhao said, “Quits in general are a strong indication that wages are on the rise, because many of these workers who are quitting are leaving for better opportunities.” But he pushed back against the idea that runaway inflation is a foregone conclusion.
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