Workers still quitting at high rates — and getting a big bump in pay
“Quickly rising pay for the average American is a byproduct of a surge in demand for labor that started in 2021 as large sections of the U.S. economy began to reopen after a period of pandemic-induced dormancy. Job openings ballooned to record highs. Quits increased in lockstep — a trend that came to be known as the Great Resignation. Layoffs fell to historic lows as businesses sought to hang onto their existing workers. ‘This is one of the best times ever for workers and jobseekers,’ said Pollak, adding that workers have an unprecedented degree of job security and opportunity. ‘It remains a sort of golden era.'”