Economists say the historic opportunity to achieve wage gains and mobility will begin to wind down over the year — so people who have been waiting to rejoin the workforce should make their move soon, said Mark Zandi, chief economist at Moody’s Analytics.
Nearly 4.5 million people quit their jobs last month, and the number of job openings continued to hover near record highs, with nearly twice as many open positions as unemployed workers.
“It is truly an extraordinary market for the American worker,” said Mark Zandi, the chief economist at Moody’s Analytics. It is clear that workers know that and that employers do, as well: 1.4 million workers were laid off last month, in line with the same number in January. “The Great Resignation is still in full swing as workers use increasing job openings as an opportunity to move on to better jobs,” Daniel Zhao, a senior economist at Glassdoor, said by email.Stefani Reynolds / AFP via Getty Images
With average annual wage growth of around 5 percent, a growing number of disengaged workers have already done so. “With the elevated wages that workers are earning, it’s causing some people to rethink staying on the sidelines and pulling people back into the labor force,” said Ken Kim, a senior economist at KPMG LLP.
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