Layoffs hit a historic low in December as employers held on to the workers they have amid the 'Great Resignation.'
The so-called"Great Resignation" is turning into a sticky situation for the American economy, with new data showing that workers continued to quit at near-record rates into the end of 2021. Just as the Omicron variant began spreading across the nation in December, workers continued to switch jobs or take time off from work — leaving employers scrambling to hire.
Employers hoping for relief aren't likely to see it anytime soon, according to senior economists Ron Hetrick and Rucha Vankudre at Emsi Burning Glass. Competition for low-wage workers in industries such as restaurants and child care is particularly fierce, but there aren't enough applicants to fill the open jobs in those fields.
But, he added,"We keep watching our labor force participation rate not recovering month after month."
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