In December last year, the total number of job openings almost reached 11 million, while the the US Labor Dept. reported that the Great Resignation has pacified. The Labor Statistics data revealed how vacancies went up to 10.92 million, which was above the 10.28 million FactSet estimate; the increase, which took place in November, signified a tightening of the labor market.
In the past months and amidst various factors, the resignation initially rose to record high but subsequently slowed and dropped to 4.34 million. 6%, while the quits rate slowly approached 2.9% from a 0.1 percentage point.
Simultaneously, discharges and layoffs plummeted to 1.17 million which is a 10.7% drop compared to the previous month and a 36% plunge compared to the same month the previous year. This reflected a tightening of the labor market, as job vacancies rose to 10.92 million, well above the 10.28 million FactSet estimate, which actually showed an increase of 1.4% when compared to the November figure. The level of employees who quit their job had soared to record highs in previous months amid a confluence of factors. It eventually slumped to 4.34 million, as the quits rate edged down 0.1 percentage point to 2.9%.
Job Data Shows Employees Have Better Job Security
At the same time, layoffs and discharges went down to 1.17 million, a decline of 10.7% from a month ago and a tumble of nearly 36% when compared to the same month in 2020.
According to ZipRecruiter and leading economist Sinem Buber, the decrease in discharge level is a sign that nowadays, workers have more job security compared to the past. Employers are keeping the workers they already have than go through the difficulty of attracting new hires.
Director of research in Indeed Hiring Lab Nick Bunker mentioned how January can be difficult. The infectious omicron coronavirus variant had sent millions of workers to the sidelines, which made January’s job data outlook less optimistic even if the demand for workers stayed strong.