‘The Great Resignation’: June’s US jobs report hides unusual trend | US unemployment and employment data
The Bureau of Labor Statistics reported on Friday that the US economy added 850,000 jobs last month. Hidden by this encouraging figure is the hint of an unusual trend: people are beginning to quit their jobs in extraordinary numbers.
June’s numbers, in combination with last month’s figures, suggest that the economy is continuing to recover at a steady pace. The rate of unemployment was 5.9% and 9.5 million people remain unemployed.
This latest update, along with projections of positive economic growth, was met with notable optimism from the White House and record highs on Wall Street.
Joe Biden, in response to the report, was eager to point out the changing power dynamic of the labor market.
“The strength of our economy is helping us flip the script. Instead of workers competing with each other for jobs that are scarce, employers are competing with each other to attract workers,”…