Are More Quits on the Horizon?

Tom Barkin

Speech from Federal Reserve Bank of Richmond

Abstract: The labor market story this summer has been employers’ struggle to find workers. Job openings are at a record level. And while 5.6 million fewer people are employed today than before the pandemic, there don’t seem to be enough people looking for work to fill the available openings. Labor force participation is down, and reservation wages are up. But hiring is not employers’ only challenge. In what some are calling the “Great Resignation,” employers are also struggling to retain workers. In April, the quits rate — quits as a percent of total employment — hit a record high of 2.8 percent. In July, the rate was only slightly lower at 2.7 percent.

Keywords: employment; and; labor; markets (search for similar items in EconPapers)
Date: 2021-09-10
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