In the US approximately 4 million people have left the workforce each month since the Spring. Over the past year, job openings have increased 62%. Yet overall hiring has actually declined.
It really does seem like people had a chance to reflect on what is important in life throughout the enforced Covid lockdown. It appears that back-breaking and mind-numbing tasks just no longer hold the appeal they once did.
If this continues it will inevitably lead to wage inflation as businesses have to pay more for people to fulfil these roles, (it will also lead to increased automation in time). In the US average earnings rose 19 cents an hour in September and are up more than $1 an hour – or 4.6% – over the last year.
Ad hoc evidence suggests there are also similar trends in the UK.
I wonder is this happening elsewhere in the world?
Is this in effect a general strike - essentially holding out for better pay and improved conditions?
Most economists measure the economy’s success by the number of jobs it creates, whilst completely ignoring the quality of those jobs – this might turn out to be a major error.
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Author: John Pryor Exalt IP