Shifts in Labor Participation: The Great Resignation Becomes the Great Reshuffling

Economist Writing Every Day

More than 47 million workers quit their jobs in 2021, in what has become known as The Great Resignation. However, many of these workers are getting re-hired elsewhere. Hiring rates have outpaced quit rates since November, 2020.

The U.S. Chamber of Commerce has published some statistics on this reshuffling of the labor force, which I will reproduce here.  As shown in the chart below, quit rates in leisure and hospitality  (which require in-person attendance and pay lower salaries) were enormous. However, the recent hiring rates have been even higher in this area, so the shortage of labor there is only moderate.

When taking a look at the labor shortage across different industries, the transportation, health care and social assistance, and the accommodation and food sectors have had the highest numbers of job openings.

But yet, despite the high number of job openings, transportation and the health care and social assistance…

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