From the Washington Post:
The labor market’s record churn reached new heights in November, with 4.5 million workers quitting or changing their jobs, the highest number in the survey’s history, according the Labor Department’s monthly report on job openings.
It was the fourth time in 2021 that the number of workers quitting reached a record, with previous highs in April, August and September. Workers took advantage of a hot jobs market, with employers reporting some 10.6 million job openings in the survey — down from recent records but still well above pre-pandemic averages.
The data provides yet another illustration of how profoundly the pandemic has transformed the dynamics of the labor market. Nearly two years after some 20 million workers lost their jobs in the wave of shutdowns in spring 2020, the imbalance between available workers and job openings has given many workers more leverage than they’ve had in recent memory.
“This is the tightest labor market ever,” said Julia Pollak, economist at the jobs site ZipRecruiter. “These are not quits from the labor force but quits from lower-paying jobs to higher-paying jobs, from less prestigious jobs to better, more prestigious jobs, from less flexible jobs to more flexible jobs.”