Recent trends suggest that the “Great Resignation” may be slowing as workers increasingly opt to remain in their current positions. Thomas Simons, Jeffries senior U.S. economist joins Market Domination to discuss this shift in the job market and the chart he shared for volume 3 of the Yahoo Finance Chartbook. Simons explains that the Great Resignation was characterized by workers feeling “extremely confident” about their ability to find new employment, often resulting in “a huge increase in pay for most of them.” However, he notes that starting in 2022, there was a decline in both gross hiring and voluntary job departures. Additionally, businesses significantly reduced their spending on HR resources for recruitment and training. “Obviously if you didn’t switch jobs during this period of time, it kind of feels like maybe you missed the boat a little bit,” Simons told Yahoo Finance. “But I think the dynamic that the people who switched jobs are going to get raises, that hasn’t gone away.”
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