Two years after the pandemic sent the job market into hibernation, new data shows workers are quitting their jobs en masse as companies scramble to hire.
On the last business day of March, U.S employers reported 11.5 million job openings, according to a published by the Bureau of Labor Statistics on Tuesday--the highest number on record since the agency began tracking it in 2000. But the jump wasn’t universal. The retail and durable goods manufacturing industries reported the greatest increases in employment opportunities. Meanwhile, transportation, utilities and federal government job postings actually dropped.
Job separations--the term ascribed to people departing their jobs either voluntarily or involuntarily--also edged up to 6.3 million in March. A record 4.5 million people workers quit their jobs during the month, with the largest exodus recorded in the professional services and construction industries. Layoffs and involuntary discharges held steady at about 1.4 million people.
We’ve come a long way: In March 2020, separations to about 16.3 million--its highest level in history--as the pandemic shuttered businesses around the country and mass layoffs ensued. Job openings fell sharply in March 2020 by more than 17% percent.
The report underlines the power that job-seekers hold in the market today. Employers are hiring like never before, and workers can leverage the opportunity bounty to find a better job or negotiate more favorable terms in their current roles. Here are some resources to help you kick your career into high-gear:
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