The current labor market is often described as "tight," and it may be hard to visualize what that really means. Considering the ratio of unemployed people to job openings gives a clearer picture of exactly how tight or slack the labor market is.
Summer is upon us. School’s out, vacations are beginning, and people are ready to hit their favorite seasonal locales. However, facing a labor shortage, businesses might have a hard time keeping up this summer.
Quits rates are at an all time high, reaching 3.0% in November of 2021. Interpreting this trend has two camps: a cultural shift where people have a lower willingness to work, or a cyclic pattern exhibited during times of quick economic recovery.