CNBC: "Millions of people quit their jobs in the ‘Great Resignation.’ Here is why it may not last long"

By in
CNBC: "Millions of people quit their jobs in the ‘Great Resignation.’ Here is why it may not last long"

Excerpt from CNBC quoting DataTrek co-founder Jessica Rabe:

….”The numbers also show a jobs market that’s becoming increasingly dynamic.

About half of all quits this year have come from leisure and hospitality, an industry under intense pressure from the virus and the associated restrictions and fears that have limited dining and drinking out.

However, about a fifth of those quits also have come from professional and business services, according to DataTrek Research. With many of these moves coming from upper levels, including CEOs, the trend “is likely a positive sign for the labor market,” DataTrek co-founder Jessica Rabe wrote in a recent report.

“The quits rate is traditionally a measure of economic confidence, as workers typically voluntarily leave their current roles after accepting a better offer,” Rabe added. “The churn in this industry along with the overall high level of quits puts upward pressure on wages, helpful from a consumer spending standpoint amid strong inflationary headwinds”….

Read the full article here on CNBC!