Great Resignation? There Are Twice As Many Job Openings As Available Workers In The US Now

Millions of Americans quit their jobs in 2021 and 2022 in what has been dubbed “The Great Resignation.” July was no different, with 5.9 million workers departing from their employers, according to the Bureau of Labor of Statistics. 

Read more about the Great Resignation here.

The Job Openings Report: Total separations increased in July in warehousing, transportation and utilities. The total number of “real quits” was 4.2 million. Layoffs and discharges accounted for 1.2 million of the total 5.9 million workers who separated from their jobs. 

Some economists may see this as a strong sign for the economy: that workers see better opportunities available than their current jobs, and could also potentially get see pay increases. At the same time, the high turnover and difficulty for companies in filling open positions may hinder productivity going forward. 

Related Links: Here's What State Unemployment Rates And Payroll Employment Mean For The Economy

Small Business Woes: According to the BLS report, hires ramped up for larger companies (1,000-4,999 employees), while smaller to medium-sized businesses (250-999 employees) increased layoffs and discharges. 

With a large number of job openings — 11.2 million according to the report — employees seeking jobs may have some leverage in negotiating salaries and benefits.

The unemployment rate is 3.5%, with about 5.7 million total unemployed people in the country. 

This means that there are 5.7 million people that have recently looked for a job that do not currently have one, but 11.2 million job openings. 

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