An estimated 4.5 million workers quit or changed jobs in November, according to new data from the Department of Labor, as labor shortages have helped create one of the most worker-friendly job climates in years.
The report shows a trend of high turnover in the labor market, a sign of how profoundly the economy has been reshuffled in the nearly two years since the onset of the coronavirus pandemic.
The pandemic has triggered tremendous changes in the labor market, with more than 20 million workers losing their jobs in March and April 2020, followed by a wave of uneven hiring. Many businesses have found it hard to retain workers, though, as many employees have used the pandemic to reevaluate their situations, lured by hiring bonuses, more-flexible hours or better working conditions.
The pandemic has triggered tremendous changes in the labor market, with more than 20 million workers losing their jobs in March and April 2020, followed by a wave of uneven hiring. Many businesses have found it hard to retain workers, though, as many employees have used the pandemic to reevaluate their situations, lured by hiring bonuses, more-flexible hours or better working conditions.
The number of workers quitting in November is up from the 4.2 million who left or changed jobs in October and surpassed the previous record of 4.4 million in September.
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