Workers still have the power: They're quitting their jobs and barely getting laid-off
about the labor market and the economy — but it seems they haven't gotten the memo on the latest data on hiring and firing.shows that job openings are still high, even though they dropped slightly from April. Plus, the number of workers quitting their jobs actually grew in May, all while layoffs stayed near historic lows.
"Rumors of the Great Resignation's demise were greatly exaggerated, at least for now," Nick Bunker, research director at Indeed Hiring Lab, said in a statement following the new data release. It signals a labor market where workers — especially blue-collar workers — still feel comfortable leaving their jobs, with plenty of opportunities awaiting them, including
. Even so, despite robust data pointing to the contrary, Americans are still feeling down about the economy. It shows the power of the"vibecession."According to the latest quits data from the Bureau of Labor Statistics, 4.0 million people quit their job in May. While the quit level hasIn particular, the healthcare and social assistance industry saw quits increase by 69,000 from April to May to 588,000.
The monthly number of layoffs and discharges is still pretty low, at 1.6 million in May. Bunker said in his statement that"despite constant concerns and predictions of a recession, the layoff rate once again came in below pre-pandemic levels." The rate was 1.0%, same as in April, and below the 1.3% rate in February 2020.Americans still maintain a rather negative view of the economy, as tracked in a long-running survey by the University of Michigan.
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