4.5 Million US Employees Resign...Mass 'Migration' to Higher-Paying Jobs

4.53 Million Voluntary Resignations in November Last Year... 3% Turnover Rate Hits Record High
Increased Job Changes Among Low-Wage Workers

[Image source=AP Yonhap News]

[Asia Economy New York=Correspondent Baek Jong-min] The march of 'the Great Resignation' among American workers shows no signs of stopping. Analysts say that as the number of job openings continues to exceed job seekers, the phenomenon of workers changing jobs in search of higher wages is becoming entrenched.

According to the Job Openings and Labor Turnover Survey (JOLTS) released by the U.S. Department of Labor on the 4th (local time), the number of resignations in November last year was 4.53 million. This is an 8.9% increase from 4.36 million in the previous month. It surpassed 4.4 million in September and is the highest number recorded since statistics began in December 2000.

The quit rate was also 3.0%, matching the previous all-time high.

The number of job openings in U.S. companies in November slightly decreased to 10.6 million but still far exceeds pre-COVID-19 levels. The number of job openings has remained above 10 million for six consecutive months.

The number of job openings estimated by the private sector is even higher. Employment information company Indeed estimated that as of December, the number of job openings reached 12 million.

U.S. media forecast that the large-scale resignations continuing ahead of the year-end holiday season will have a significant impact on the labor market. Analysts say that in a situation where job seekers are insufficient compared to job openings, workers continue to move to companies offering higher wages, and early retirements due to rising asset prices are ongoing.

Nick Bunker, director at Indeed, explained, "Low-wage workers who were most affected by COVID-19 have actively started changing jobs."

Diane Swonk, economist at Grant Thornton, said, "Many people are considering retirement. The situation is more difficult for small and medium-sized enterprises compared to large corporations."

Resignations among healthcare workers are also notable. The quit rate in the healthcare industry reached 3% in November, an all-time high. The Wall Street Journal (WSJ) expressed concerns about a healthcare gap as medical professionals, fatigued by the prolonged COVID-19 crisis, are leaving their jobs.

Daniel Zhao, chief economist at Glassdoor, told the NYT, "Employers' demand remains extremely high, and competition for talent has intensified," adding, "This means more jobs, higher wages, and more turmoil in the labor market."

This content was produced with the assistance of AI translation services.