Quick access to main page (top) Direct access to main contents Quick access to main page (bottom)

US Job Market Chill: Workers Less Eager to Jump Ship Amidst Uncertainty

Eugene Park Views  

U.S. Job Market Shifts Amidst Uncertainty
Voluntary Resignation Rates Decline

‘인력 부족 끝나간다’ …젖은 낙엽처럼 붙어있는 美 직장인들[뒷북글로벌]
A Hanwha Q Cells factory worker in Dalton, Georgia, USA, focuses intently on his job. AP-Yonhap

The trend known as the Great Resignation, characterized by employees leaving their jobs for better opportunities amid post-COVID-19 labor shortages, seems to be subsiding. American workers are becoming more cautious about resigning as their confidence in securing better employment diminishes. Data from the Job Openings and Labor Turnover Survey (JOLTS) released by the U.S. Department of Labor on the 5th indicates a shift. While the voluntary resignation rate peaked at 3.0% in April last year, it has stabilized at 2.3% for three months straight as of October. This trend suggests a decrease in job-quitting, linked to lowered confidence in finding alternative employment. Last year saw over 4 million workers quitting monthly, which has now decreased to 3.6 million.

The number of job openings has also decreased. In October, the number of job openings was 8.73 million, down 617,000 from the previous month (9.35 million). This is the lowest figure in two years and seven months since March 2021. The market outlook aggregated by the Wall Street Journal (WSJ) also fell short (9.4 million).

Changing Dynamics in the U.S. Job Market

This is the direction the Federal Reserve (Fed) wants. Generally, economists interpret many job openings coupled with a low unemployment rate as indicators of a booming economy. However, the situation in the U.S. has been different since the pandemic. As the COVID-19 pandemic broke out in March 2020, American baby boomers (born between 1946 and 1964) retired early, and many workers left the labor market. As a result, the unemployment rate dropped to a record low of 3.5%, but there was still a labor shortage in the job market. Since everyone who could work was already working, employers had to raise wages to hire those working in other jobs.

Recently, the atmosphere has changed. According to the WSJ, the average number of hires per month in the U.S. from January to October this year was 239,000, down from 600,000 in 2021 and 400,000 last year. The year-on-year hourly wage growth rate also exceeded 6% until the first half of this year since March last year, but it dropped to 5.2% in October. As the number of job openings decreases, the number of jobs available per job seeker (unemployed) decreases from 2.01 in March last year to 1.34 in October. This is still higher than the 2019 average of 1.2 but has passed the overheating stage. Paul Stout, an economist at Bloomberg Economics, said, “1.2 jobs per job seeker is a lower figure than expected if there had been no pandemic.”

Anticipation for November Employment Report

The market eagerly awaits the November employment report, which will be released on the 8th. The Wall Street Journal projects an increase in November’s aggregate non-farm employment, expecting it to rise from the previous month’s 150,000 to 190,000. Thomas Graf, Chief Investment Officer (CIO) of Pascit, recently commented on the changing dynamics of the market. He noted that the market’s attention is transitioning from concerns about inflation to signs of a slowdown in economic indicators. Graf highlighted that if the upcoming November employment report indicates a more pronounced downturn compared to the previous month, it could exacerbate worries about the economy’s health. He also suggested that this could shift the general consensus from expectations of a soft landing for the economy to fears of a hard landing.

By. Kim Heung Rok

Eugene Park
content@www.kangnamtimes.com

Comments0

300

Comments0

[BUSINESS] Latest Stories

  • El Salvador's Bitcoin Reserves See $25 Million Surge After Trump’s Win
  • Who Is Susie Wiles? Meet Trump’s Loyal ‘Ice Baby’ and First Woman Chief of Staff
  • Trump’s 2nd Term Family Drama: Lara and Don Jr. Take Center Stage, Ivanka Steps Aside
  • Boston Dynamics’ Atlas Robot in Hot Dog Costume Stuns with Human-Like Skills
  • With $180M in Support, Musk Backs Trump’s Victory—And Makes It Meme-Worthy
  • Swifties and Celebrities Left Reeling After Trump’s Election Win

Weekly Best Articles

  • Lexus Reveals Sporty New ES Facelift with Aggressive Design Changes
  • 2026 Toyota RAV4: Bigger, Bolder, and Hybrid-Only—Is It the Future of SUVs?
  • Byeon Woo Seok’s Hot Streak Continues—Wins Hot Character Award for the Sixth Consecutive Month
  • Jung Hae In Gets Personal: Family First and Thoughts on Marriage Revealed
  • Min Hee Jin Faces $3.6 Million Lawsuit Over ‘False Claims’ About NewJeans Management
  • NewJeans Makes Waves in Japan: ‘Supernatural’ Nominated for the Prestigious Japan Record Award
  • Bruno Mars and Rosé Set to Steal the Show at 2024 MAMA Awards with ‘APT.’ Performance
  • How Honda’s Edix MPV Turns a Compact Design into a Spacious 6-Seater – You’ll Be Shocked
  • Is Elon Musk’s Trump Support Killing Tesla’s Brand? Truth Behind the Sticker Backlash
  • Is China’s Xiaomi SU7 a Road Warrior or a Circuit Breaker? Shocking Track Failures Revealed
  • Lee So Ra Reacts to Unexpected Exit from ‘Supermarket Sora’ Show
  • Lee Min Jung Gets Into the Holiday Spirit Despite Busy Filming Schedule

You May Also Like

  • 1
    Kim Junsu to Pursue Legal Action Against Malicious Rumors Following Extortion Incident

    ENTERTAINMENT 

  • 2
    Chae Soo Bin’s Surprising Hobby? Lying Down and Eating Cereal to Recharge

    ENTERTAINMENT 

  • 3
    BTS’s Jin Reveals How His Military Experience Influenced His Music Career

    ENTERTAINMENT 

  • 4
    Lamborghini's New Icon: The Revuelto Opera Unica Tailored for China

    TECH 

  • 5
    Toyota and Subaru's Engine Woes Lead to Multi-Million Dollar Lawsuit

    TECH 

Popular Now

  • 1
    Classic Meets Contemporary: Inside Modena’s Maserati Shamal Restomod

    TECH 

  • 2
    Hong Seok Cheon Strikes Back: Celebrity Warns Fans Against Impersonators

    ENTERTAINMENT 

  • 3
    Han Hye Jin Flaunts Timeless Charm in Latest Beachside Snaps

    ENTERTAINMENT 

  • 4
    Kang So Ra Overwhelmed with Pride at Daughter’s Adorable Recital Moment

    ENTERTAINMENT 

  • 5
    Lovelyz's Jiae and Yein Spill on Their Whiskey Nights and Soju Secrets

    ENTERTAINMENT 

Weekly Best Articles

  • Lexus Reveals Sporty New ES Facelift with Aggressive Design Changes
  • 2026 Toyota RAV4: Bigger, Bolder, and Hybrid-Only—Is It the Future of SUVs?
  • Byeon Woo Seok’s Hot Streak Continues—Wins Hot Character Award for the Sixth Consecutive Month
  • Jung Hae In Gets Personal: Family First and Thoughts on Marriage Revealed
  • Min Hee Jin Faces $3.6 Million Lawsuit Over ‘False Claims’ About NewJeans Management
  • NewJeans Makes Waves in Japan: ‘Supernatural’ Nominated for the Prestigious Japan Record Award
  • Bruno Mars and Rosé Set to Steal the Show at 2024 MAMA Awards with ‘APT.’ Performance
  • How Honda’s Edix MPV Turns a Compact Design into a Spacious 6-Seater – You’ll Be Shocked
  • Is Elon Musk’s Trump Support Killing Tesla’s Brand? Truth Behind the Sticker Backlash
  • Is China’s Xiaomi SU7 a Road Warrior or a Circuit Breaker? Shocking Track Failures Revealed
  • Lee So Ra Reacts to Unexpected Exit from ‘Supermarket Sora’ Show
  • Lee Min Jung Gets Into the Holiday Spirit Despite Busy Filming Schedule

Must-Reads

  • 1
    Kim Junsu to Pursue Legal Action Against Malicious Rumors Following Extortion Incident

    ENTERTAINMENT 

  • 2
    Chae Soo Bin’s Surprising Hobby? Lying Down and Eating Cereal to Recharge

    ENTERTAINMENT 

  • 3
    BTS’s Jin Reveals How His Military Experience Influenced His Music Career

    ENTERTAINMENT 

  • 4
    Lamborghini's New Icon: The Revuelto Opera Unica Tailored for China

    TECH 

  • 5
    Toyota and Subaru's Engine Woes Lead to Multi-Million Dollar Lawsuit

    TECH 

Popular Now

  • 1
    Classic Meets Contemporary: Inside Modena’s Maserati Shamal Restomod

    TECH 

  • 2
    Hong Seok Cheon Strikes Back: Celebrity Warns Fans Against Impersonators

    ENTERTAINMENT 

  • 3
    Han Hye Jin Flaunts Timeless Charm in Latest Beachside Snaps

    ENTERTAINMENT 

  • 4
    Kang So Ra Overwhelmed with Pride at Daughter’s Adorable Recital Moment

    ENTERTAINMENT 

  • 5
    Lovelyz's Jiae and Yein Spill on Their Whiskey Nights and Soju Secrets

    ENTERTAINMENT 

Share it on...