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'The Great Resignation is over.' And here's why.
Yahoo Finance
'The Great Resignation is over.' And here's why.
Hamza Shaban · Senior Reporter
Thu, August 31, 2023 at 7:24 AM EDT
Tens of millions of workers quit their jobs during the Great Resignation. They ditched, among other work, low-wage service employment for higher pay and, along the way, forged new careers or traded up for promotions at rival companies. ... But as the labor market cools amid a tightening campaign brought to you by the Federal Reserve, that massive reshuffling has come to an end.
"The Great Resignation is over," said Nick Bunker, the economic research director for North America at the Indeed Hiring Lab. "After two-plus years spent quitting and finding new and better opportunities...workers are now voluntarily leaving their jobs at the same rate they were prior to the pandemic."
Recruiters and workers looking to take the leap say the labor market has clamped down as leverage shifts back to employers. What was once a ripe opportunity for aspiring job seekers has devolved into a more challenging market as qualified and laid off workers flood application portals — and companies tap the breaks on job listings to cope with an uncertain economic environment.
The number of open jobs in the US fell to a two-year low in July, according to the latest Job Opening and Labor Turnover Survey, or JOLTS report, published Tuesday. The JOLTS data revealed there were 8.8 million jobs open at the end of July, a decrease from the 9.16 million job openings in the month prior.
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'The Great Resignation is over.' And here's why.
Hamza Shaban · Senior Reporter
Thu, August 31, 2023 at 7:24 AM EDT
Tens of millions of workers quit their jobs during the Great Resignation. They ditched, among other work, low-wage service employment for higher pay and, along the way, forged new careers or traded up for promotions at rival companies. ... But as the labor market cools amid a tightening campaign brought to you by the Federal Reserve, that massive reshuffling has come to an end.
"The Great Resignation is over," said Nick Bunker, the economic research director for North America at the Indeed Hiring Lab. "After two-plus years spent quitting and finding new and better opportunities...workers are now voluntarily leaving their jobs at the same rate they were prior to the pandemic."
Recruiters and workers looking to take the leap say the labor market has clamped down as leverage shifts back to employers. What was once a ripe opportunity for aspiring job seekers has devolved into a more challenging market as qualified and laid off workers flood application portals — and companies tap the breaks on job listings to cope with an uncertain economic environment.
The number of open jobs in the US fell to a two-year low in July, according to the latest Job Opening and Labor Turnover Survey, or JOLTS report, published Tuesday. The JOLTS data revealed there were 8.8 million jobs open at the end of July, a decrease from the 9.16 million job openings in the month prior.
{snip}
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