The future of the “great resignation”
The latest U.S. jobs data suggest that workers may be losing some of the leverage they gained during the pandemic
Hourly earnings for hotel and restaurant workers rose 28% from the end of 2020 to the end of 2022, which was faster than the rates of both inflation and overall wage growth. But now growth for low-wage workers has slowed, and fewer workers in the hospitality industry are separating from their jobs now compared with the same period last year.
Key takeaways
- When workers quit jobs, it reflects their confidence that they can find another, better job;
- The rate at which workers voluntarily quit their jobs has fallen sharply in recent months and is only modestly above where it was before the pandemic disrupted the U.S. labor market;
- Another possible reason that wage growth has slowed is that many workers’ base pay has gone up compared with a couple of years ago.
Get the full story at The Atlantic