The math is simple: there are far more job openings than job seekers.
With new weekly jobless claims hitting a 52-year low, it’s very likely that the November and December readings for terminations and layoffs will set even more new records, Pollack said. And it’s down nearly 30% from the average number of layoffs and firings, even excluding the spike in layoffs that occurred in March and April of 2020 at the start of the pandemic. The latest tally shows that there were 227,000 fewer firings and layoffs than even the pre-pandemic low reached September 2016. Only 1.36 million people lost their jobs in October, just barely higher than the 1.35 million who were let go in May, when that reading hit a record low. “Employers are hanging onto workers for dear life,” said Julia Pollack, chief economist for Ziprecruiter.
The number of employees voluntarily walking out the door has never topped that mark before.īut what isn’t getting as much attention is the other end of that spectrum: firings and layoffs have essentially ground to a halt. More than four million workers quit their jobs every month from July through October, according to the latest available data from the US Labor Department. There’s been a lot of attention to the “ Great Resignation,” the record number of people quitting their jobs amid the pandemic’s upheavals. If you have a job today, chances have never been better that you can keep it as long as you want.
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