Minneapolis Federal Reserve President Neel Kashkari said he doesn’t “really buy the Great Resignation” — the term for the Americans who have quit their jobs in droves during the pandemic.
“There’s a churn away … from the toughest jobs to more attractive jobs,” Kashkari said. “That’s something we’re all going to have to adjust to, because we need long-haul truck drivers; as much as Silicon Valley says they’re all going to be out of a job soon, it’s going to take longer than they think. And we need child-care workers. So we’re going to all have to make adjustments, and that probably means adjustments in wages.
Kashkari isn’t the first to theorize that workers are searching for greener pastures, rather than fleeing the workforce entirely. Indeed, for the nearly 57 million Americans who left their jobs between January 2021 and February 2022, nearly 89 million people were hired, according to government data. Some experts have said that the so-called “Great Resignation” is more of a “Great Renegotiation” or “Great Reshuffle.
Simply put. Society isn’t going to be able to get people to continue to work shitty jobs for shitty pay. It’s a choice to either pay up or shut up.
If you are fortunate enough to have 1 full time job that pays a living wage, you are still doing the work of 3 people.
“Fed official is moved by theory over data.”
Because he is completely detached from reality.
I’m a business owner and my 1st response was BS. But he’s not altogether completely wrong on his theory.
Hit the greedy nail right on its head. Same goes for shortages in products
It’s not just employers, the media has done a fine job of perpetuating the great resignation and labor shortage myths, including which has run several of these stories. Why not talk about how companies are advertising but not hiring while overworking skeleton crews?
I agree, if you do not pay people decent wages and other companies do, your workers are going to leave. Companies complain about worker loyalty yet act in ways that certainly do not encourage loyalty. Most people work for $ to live on. Wages are a big part of their job choices.
One would think someone so high up in his organization would do research.
Totally agree!
If anyone believes this to be possible …”nearly 57 million Americans who left their jobs between January 2021 and February 2022, nearly 89 million people were hired”, please tell me where 20MM workers magically came from
How does anyone buy into 'the great resignation theory'? . 1M covid deaths, not all elderly. Ppl have to be able to pay Bill's, & buy groceries etc. The idea that a large number of ppl just up & quit their jobs, but didnt switch to a new one is absurd.
“people are leaving certain careers to seize better opportunities in others” is literally what Great Resignation is!
You don’t have to buy it, doesn’t mean it’s not for sale.
Sorry but for any worker over 55 age discrim is rampant. It was b4 covid & it is now. Prob worse. There are not 2 jobs for every person over 55…..I’ve sent out thousands of resumes…& i have 2 masters degrees. & I’ve been willing to relocate.
Shouldn’t saying there is a labor shortage mean that employers have to pay higher wages?
Instead of unemployment rate, tell me the number of people employed versus 3 years ago. If you move from one job to another, without any unemployment time. You’re employed.
Well, he is wrong.
It doesn’t really matter if YOU “buy it”…the data supports it.
Workers over 55 going back to work but face age discrimination. Not enough money to truly retire for many years need healthcare.
Then he shouldn’t be in that position. It’s happenening
They are raising wages but still not full-time with benefits for many workers. Having to keep two part-time jobs w/o benefits causes a lot of extra stress for workers. They will always be looking for that ideal full-time job w/benefits. Always.
Well dah.
This fails to mention that many of the 1 million who died from COVID were in these front line essential and low paying jobs. We can’t grow new adults to replace them!
30+ years of declining employee pay, benefits, career security…and on and on…zero loyalty shown to company social responsibility…dropping out of the economy is the goal and plan for many. FIRE
So in true Capitalism the jobs people are leaving would have higher wages. Supply and demand.
Life is short. As evidenced by just breathing during a deadly airborne contagion. And I might add…missing at least 500,000 front line workers due to death…those missing workers absolutely affect the markets doncha think?
People are done with tedious hard jobs for crap pay while billionaires sate their desires and bright buttons who create ways to game the system (credit default swaps?) are showered with 💰. Note - “wage inflation” commonly cited, never Csuite inflation, investor inflation.
Of course it’s happening: young Boomers are retiring early just as their older brethren did during the Housing Crisis of 08-09. Surely Social Security has the data.
Ridiculous
Totally agree.
In case of the railroads. They're trying to get crew size reductions. So they can cut tens of thousands of union employees. So they've been making it miserable to work for them. Then claim they can't hire anyone. Also claiming that cutting crew sizes will make services better.
people are trading more, but this time they're using sophisticated automated algorithms. We've clearly seen that.
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