A while back, workers were quitting jobs in droves at the slightest unhappiness, hoping to find nirvana at another place of employment around the corner.
Well, it appears the “Great Resignation” has lost a lot of its steam.
Here’s an October 6 news item from the Wall Street Journal:
People Still Quit Jobs, but More Office Workers Are Staying Put
Jitters about a cooling labor market appear to be eroding some professionals’ confidence
An Oct. 27 CNBC headline had a similar message:
Great Resignation quitters got big raises—now, they’re worried about their job security
The September Elliott Wave Financial Forecast discussed that workplace shift as it showed this chart and said:
Employment is still near historic highs, but as the Elliott Wave Financial Forecast pointed out in July and August, that’s starting to change. The August Theorist posited that the coming depression will change workers’ historically unprecedented decisions to quit their jobs. The chart shows the Bureau of Labor Statistics’ U.S. Employment quits rate. The reversal from a high of 3% in November and December is the largest since the Covid plunge in early 2020 and suggests that resignations, voluntary ones at least, will become rare very soon.