Are We Still In The Great Resignation?
The March report from the jobs statistic should probably answer any question on the strength of the job market plus hourly wages are up. In the month of March, a record 11.5 million jobs were open in sectors like:
- and hospitality
In March it showed yet again we are in an employees market meaning companies are competing for the same small pool of available workers which is giving workers the luxury of demanding more money, or better working conditions, or leaving that job and finding another one because there are plenty open.
The report shows the great resignation continues workers are quitting their jobs at another record high rate in march 4.5 million people quit their job. The industries with the highest quit rates are:
- professional business services,
- and food services
6.7 million people were newly hired in the month of March and hourly wages were at a 6% increase according to the federal reserve and Bank of America wage tracker. Those who switched jobs saw a 5.3% increase in wages when they did so experts say that wage measures will probably keep creeping up for the next few months.
While that is good for workers it adds to the inflation pressure because of all the people demanding high wages and quitting their jobs to get better-paying ones meaning lots of people have money in their pockets and are willing to spend that money.
There is currently not enough supply to spend it on that keeps prices going up and that played into the fed raising rates a 0.50%.