Looking Forward:
- The labor market will continue to bear watching, particularly in August as high school and college students head back to school and in September as the federally enhanced unemployment benefits end nationwide.
- Employed persons who have voluntarily left their jobs to seek other employment has risen for the fourth consecutive month. This phenomenon has been termed “rage quitting” in popular media and is at its highest level since November 2016. Also known as “the Great Resignation.”
- Many low-wage earners have likely pivoted to other professions, gone back to school for vocational or academic degrees or have exited the workforce.
- The share of the working-age population active in the labor force was unchanged at 61.6%, showing that millions who dropped out have yet to return. An accelerated rate of early retirements means that some of those workers will never come back.