A record 4.5 million Americans quit their jobs in March, showing they remain confident about the job outlook.
Employers announced a record 11.5 million jobs in March, adding evidence of a tightening labor market that has encouraged millions of American workers to seek higher-paying jobs and contributed to in the biggest increase in inflation in four decades.
A record 4.5 million Americans quit their jobs in March – a sign they are confident they can find better wages or working conditions elsewhere.
The number of layoffs, about 1.8 million a month before the pandemic hit the economy in early 2020, increased to 1.4 million in March from 1.35 million in February. The Bureau of Labor Statistics reported Tuesday.
The US job market is on a hot track. Employers have added an average of more than 540,000 jobs per month over the past year. The Labor Department is expected to report on Friday that the economy added 400,000 new jobs in April, according to a survey by data firm FactSet. That would mark an unprecedented 12th consecutive month of hiring at 400,000 or more.
The US economy and job market bounce back with unexpected strength from the brief but devastating coronavirus recession in 2020, fueled by massive government spending and super-low interest rates due to the coronavirus pandemic. released by the Federal Reserve.
caught off guard by the sudden rebound in consumer demand, companies scrambled to hire workers and stockpile warehouses. They were forced to raise wages, and factories, ports, and freight yards were overwhelmed. The result is shipping delays and higher prices.
In March, consumer prices rose 8.5% from a year earlier – the hottest inflation since 1981.
Where things go from here is uncertain. The Fed is raising short-term interest rates to combat inflation. COVID-19 stimulus from the federal government is gone. And the war in Ukraine has clouded the economic outlook. Despite strong hiring, the US was still 1.6 million jobs short in February 2020, just before the coronavirus hit the economy; and that shortfall doesn’t take into account the additional jobs that would otherwise be a growing population.
