‘Great Resignation’ Simmers Down Slightly

Quits and Job Openings Slip From Recent Record Highs

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The so-called Great Resignation continued in January but got slightly less great.

Government data released Wednesday showed 4.3 million people quit their jobs in January, down from 4.4 million in December and a record 4.5 million in November. But that’s still far above normal—an indication that workers are still in high demand and have their pick of jobs.

The number of job openings also slipped slightly, to 11.3 million from 11.4 million in December, also a record high in data going back to 2000, the Bureau of Labor Statistics said. The figures underscored how good the labor market is for workers these days, as employers scramble to fill jobs. But they also suggested that labor shortages have peaked, some economists said.

“Times are changing. The winds are starting to blow in another direction,” Jennifer Lee, senior economist at BMO Capital Markets, said in a commentary. “This should be a wake-up call for those who are taking their time, or being too selective, with job offers.”

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Article Sources

  1.  Bureau of Labor Statistics. “Job Openings and Labor Turnover Summary - 2022 M01 Results.”