WASHINGTON D.C.: In November, the demand for workers and the number of job vacancies in the U.S. remained historically high, with the number of individuals quitting their jobs reaching a record amidst the ongoing COVID-19 pandemic.
According to the U.S. Labor Department’s Job Openings and Labor Turnover Summary (JOLTS), during November vacancies totaled 10.562 million, which is slightly less than the 11.091 million recorded in October.
However, the rate of employees quitting their jobs was 3.0 percent, matching September’s record high, with 4.5 million individuals leaving their jobs.
Some 1.37 million people were also laid off or fired in November, compared with 2.12 million people in November 2020.
Job vacancies declined the most in accommodation and food services, falling by 261,000, but remaining at a total of 1.3 million, while construction and non-durable goods manufacturing companies saw vacancies fall by 110,000 and 66,000, respectively.
While November’s JOLTS report did not capture the effects of the Omicron variant discovered around Thanksgiving, some economists suggested that labor shortages may be made worse due to the latest surge.
“Companies have shifted their demand for workers at a pace that is normally only seen during economic booms,” said Chris Rupkey, chief economist for FWDBONDS, as quoted by Yahoo News.
“The economy is booming today, but for how long is the question, with the spread of the latest COVID variant that is closing many schools and slowing commerce and buyer traffic at many shops and malls,” he added.
However, the labor shortages causing issues for employers aiming to fill positions have given workers leverage. According to data from the Bureau of Labor Statistics, hourly wages rose by 4.8 percent year-over-year in November.
