The Bureau of Labor Statistics of the United States (BLS, for its acronym in English) revealed that 4.5 million workers quit their job during November 2021. Given this, the resignation rate was again at the maximum of 3%, which had been reached in September.
The record number is part of the so-called “great resignation,” a phenomenon whereby millions of Americans are leaving their jobs in recent months, either to seek other jobs or to leave the job market entirely.
In this sense, the resignations in November represent 370,000 more than the previous month, detailed the government office.
Regarding economic industries, those that experienced the greatest increase in the loss of employees were hotel and leisure services with 6.4%, health and social assistance (3.0%) and transport, warehouses and supplies (2.7% ).
The department explained that the lodging and food sub-branch had the highest annual resignation rate with 6.9 percent.
BLS statistics show that the rate of the aforementioned sub-industry ranges between 4.8 and 7% in the last twelve months. This means that 159,000 people resigned in the field.
“The great resignation shows no sign of abating. Layoffs have reached a new record. The question is why… the answers are for very different reasons, ”Robert Frick, corporate economist at Navy Federal Credit Union told CNBC.
Frick added that the burnout and fear of Covid-19 continues, but also, many Americans have the confidence to resign given the high level of job offers and rising wages.
With data as of January 3, the United States registered 1 million 82,549 new cases of coronavirus, a number that had not been reported anywhere in the world during the pandemic. In terms of deaths, it reported 1,688 deaths in 24 hours.
Meanwhile, the number of job openings fell to 10.6 million in November from 11.1 million in October, the Bureau of Labor Statistics reported.
Economists polled by Reuters had forecast 11.075 million job openings. There were large declines in job vacancies in the accommodation and food, construction and non-durable goods manufacturing sectors.
At the same time, 1.4 million people lost their jobs in November when they were laid off, a number also very similar to the previous month, indicated the Bureau of Labor Statistics.
Regarding new hires, November closed with 6.7 million, a figure very similar to that of October (6.3 million).
This means that from November 2020 to November 2021, hiring totaled 74.5 million and people removed totaled 68.7 million, which yields a net employment gain of 5.9 million.
The BLS report was released three days before the US Department of Labor released its non-farm payroll data for December.
Economists surveyed by Dow Jones expect a growth of 422,000 jobs and the unemployment rate to drop to 4.1 percent.
Manufacturing index down
Parallel to the BLS report, the ISM manufacturing index was published, which registered 58.7 points in December; the figure was below expectations of 60 points. In addition, it is lower than that registered in November 2021 with 61.1 points.
“The manufacturing sector remains in a demand-driven and supply-chain constrained environment, with signs of improvements in labor resources and supplier delivery performance,” added Timothy Fiore, head of the Institute. of Supply Management of ISM.
The largest drops in the index were in supplier deliveries, which decreased 7.3 percent. There was also a “surprising” collapse in prices, which fell 14.2% at a time when inflation in the United States is at its highest level in almost 40 years.
Reference-www.eleconomista.com.mx