More Americans are leaving their jobs than they are being laid off.
More Americans are quitting their jobs than they are being sacked, data from the U.S. Bureau of Labor Statistics showed on Tuesday, in what economists say is a signal that workers still retain leverage in a labor market that is stabilizing from the pandemic-era convulsions.In May, about 3.5 million workers quit their jobs, a slight increase of close to 7,000 people from the prior month. The quit rate remained the same at 2.2, a level it has been at since February.
'I think even as quits come down, it's still high compared to the level of layoffs. So, that's just that job seekers still have some bargaining power.'The key indicator economists look at to determine how much leverage workers have is quits as a share of total separations from jobs—which includes quits, layoffs and discharges.
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