Biden Economic Adviser: 4.4 Million Workers Quitting in September 'Actually a Good Sign'
After the number of U.S. workers voluntarily quitting their jobs reached a record high in September, White House Council of Economic Advisers member Jared Bernstein framed the labor crunch as a "good sign," saying that employees now have more leverage to negotiate better-paying roles.
More than 4.4 million employees left their jobs last month, the highest figure in two decades, and a rise of about 164,000 from the last record set in August of 4.3 million, according to the Labor Department's monthly Job Openings and Labor Turnover Survey released Friday.
As employers contemplate raising wages to attract workers amid their struggle to fill millions of jobs, Bernstein contended that the shortage is "often misinterpreted as a bad sign, when from a worker's perspective it's actually a good sign."
"The reason it's a good sign," he said on MSNBC Saturday, "is because, at a time of very strong labor demand, those kinds of conditions mean that there are lots of good higher-paying opportunities for workers to engage in upward mobility and that's what the quit rates are telling us at a time like this."
https://www.msn.com/en-us/money/markets/biden-economic-adviser-4-4-million-workers-quitting-in-september-actually-a-good-sign/ar-AAQFF9O
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