'Great Resignation' Slows With Fewer People Quitting, But 11 Million Jobs Remain Open in Puzzling Labor Market [TheStreet.com]
Kellanova (K)
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Source: TheStreet.com
Fewer Americans quit their jobs in October, Labor Department data indicated Wednesday, but even a modest uptick in hiring didn't put much of a dent into the near-record high rate of unfilled positions as companies find themselves paying increasingly higher wages to lure people back into the workforce.TheJob Openings and Labor Turnover SummaryMonthly hires were pegged at 6.5 million, the report noted, while the so-called 'quits rate' fell by 2.8%, or 205,000, to 4.2 million.Still, the fact that so many jobs remained unfilled, while more than 4 million Americans appear to have left the workforce, continues to puzzle economics and corporate bosses alike.“An overlooked reason for this trend is that some people might have left their jobs to start their own business. According to the Business Formation Statistics, there has been a large increase in the number of applications being filed since the start of the pandemic.” said Rucha Vankudre, senior labor economist at Emsi Burning Glass. “Thi
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