Is The Great Resignation Over?

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The Great Resignation started by the COVID-19 pandemic has slowed. Experts point to higher wages, better benefits and an unstable economy as the reason for workers staying put.

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00:00 The unemployment rate fell a tenth of a percent in June to 3.6 percent, but job creation slowed.

00:11 But after what was called the Great Resignation, more workers are resigned to stay where they

00:16 are.

00:17 Job openings were down nearly 20 percent from their peak in March of last year, although

00:21 four million people quit their jobs in May.

00:24 That number is also down 11 percent from the pandemic peak.

00:27 So workers are still quitting, but the Great Resignation is no longer great, mostly because

00:33 there aren't as many jobs to switch to.

00:36 Also, businesses have raised salaries and benefits in an effort to keep workers, so

00:41 many are opting to stay where they are.

00:44 In short, experts say the labor market is still strong but cooling off a bit, and this

00:49 will be a key factor for the Federal Reserve when they meet to discuss whether or not to

00:54 raise interest rates.

00:56 experts say, be ready for another series of hikes.

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