Posted on 02/14/22
| News Source: i24
'The dynamic nature of the US economy is ultimately one of its strengths' Alex Brill tells i24NEWS
A record amount of workers in the United States quit their jobs in the past nine months, many switching to a different vocation, a trend that highlights how employees are increasingly realizing the power of their labor.
In December 2021, 4.3 million US workers left their jobs as the number of people who were fired decreased.
Alex Brill, a senior fellow at the American Enterprise Institute, spoke with i24NEWS about the surging quit rate, and what it means for the US economy.
“This is evidence of… the power that the workers are enjoying in an economy with a low employment rate, rising wages, and the ability… to go find another job,” Brill said.
“The dynamic nature of the US economy is ultimately one of its strengths - the ability to match workers and employers.”
A few major sectors are responsible for most of the high rate of quitting, especially in November 2021 when resignations reached an all-time high at 4.5 million.
Quit rates in November 2021, according to the Bureau of Labor Statistics.
1. Leisure and hospitality - 6.4 percent
2. Professional and business services - 3.7 percent
3. Trade, transportation, and utilities - 3.6 percent
Other documented industries were listed under the average rate of three percent.