Americans continued to leave their jobs in droves as the labor market heated up this fall, a sign that the US economy has maintained its momentum despite the pandemic.

And the Labor Department said, on Wednesday, that 4.2 million Americans left their jobs last October, down about 205,000 people from last September, but those numbers are still close to their record level.

Job vacancies rose by 431,000 jobs to reach 11 million jobs, driven by a jump of 254,000 jobs in housing and food services, which were destroyed by the epidemic, but recovered slightly after cases caused by the mutated delta coronavirus showed signs of receding in the country. some places.

The number of vacancies has also approached a record level.

Job vacancies increased by 431,000 jobs to reach 11 million jobs

It is reported that this data was collected some time before the emergence of the omicron mutant.

However, the level of hiring movement in the labor market indicates that job seekers have greater impact and opportunity than they have in many years.

Most economists expect employment to remain healthy in the coming months.

"The rise in employment appears to be driven by the slowdown in coronavirus cases," said Nick Bunker, director of economic research at the Indeed Hiring Lab, which specializes in employment.

"While levels of resignations declined in October, they are still higher than they have been for a long time. We are now in a flaming job market, and bargaining power is tilting toward job seekers more than it has in the recent past."

“We are now in a volatile job market, and bargaining power is tilting toward job seekers more than it has in the recent past.” Nick Bunker, Director of Economic Research at Indeed Hairang Lab, who specializes in employment issues

However, employment remains volatile in restaurants, bars and in the travel industry, as it rises and falls with the movements of the virus, and if it turns out that the mutated Omicron will be disruptive to normal life as the mutant Delta did, it can undermine all those gains.

Last month, employers added only 210 thousand jobs, which is much less than the jump reached in October, which was 546,000 jobs.

But the unemployment rate, which is based on a separate household survey, fell to 4.2% from 4.6%.

This, and the huge number of vacancies, and the low rate of unemployment, explains why many companies complain that they cannot find enough workers, as this has led to higher wages, especially in low-wage areas where salaries have remained stagnant. for years before.

Average hourly wages for workers in non-supervisory jobs rose 8 cents in November to $31.03, 4.8% higher than a year earlier, according to the US Bureau of Labor Statistics.

This high wages, along with the surge in prices, has focused attention on the potential threat of inflation.

Policymakers, including Jerome Powell, Chairman of the Federal Reserve, continue to assert that price increases mainly reflect pandemic-related economic distortions that will dissipate.

“It is not just about quitting for the sake of quitting, it is about quitting in order to find a better one.” Gregory Dako, chief US economist at Oxford Economics

But Powell indicated in his testimony before Congress last week that the central bank could change its policy from stimulating growth to maintaining prices.

While the minimum wage at the federal level is just $7.25 an hour, in many urban areas, employers say it is difficult to find workers for less than $15 an hour.

Banners advertising job vacancies are dotted with stores and restaurants in many places, and workers now have more choice in what benefits they are offered or how many vacations they can take.

"It's not just about resigning in order to quit, it's about quitting to find a better one," said Gregory Daco, chief US economist at Oxford Economics.

Dako expects employers to add between 300,000 and 350,000 jobs per month in 2022.

Dako added that the Omicron mutant will cast a shadow over the economy over the next few months.

He pointed out that "we know that the previous waves were devastating in terms of economic activity," but he stressed that "we do not yet know for sure, but it seems and undeniable that Omicron will have a negative impact on economic activity during the winter."

Source: The New York Times.

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