The great resignation continues and is hitting new highs.
(KYMA, KECY/CBS) - The great resignation continues and is hitting new highs. Millions of Americans are leaving jobs and looking for something better.
A new report from the Bureau of Labor Statistics shows 4.5 million Americans quit or changed jobs in March, a new record. "A record number of people quitting their jobs is indicative of the high level of confidence that people have about the strength of the job market," says Mark Hamrick from Bankrate.com.
Hamrick says the strength of employment can be seen in the latest data from the Bureau of Labor Statistics showing there are 11.5 million job openings, the highest number ever recorded. Couple that with low unemployment and there are almost two job openings for every person who is unemployed. "Firms are having to pay up whether it's to keep existing workers, provide more generous benefits, or to pay more just to lure new job candidates into those positions," Hamrick says.
But quitting doesn't work out for everyone. In a recent Harris Poll survey for USA Today, about one in five people who resigned during the pandemic regretted it. Many say they didn't properly weigh the pros and cons.
Lucas Lind doesn't regret quitting his full-time job in architectural design. His passion was focused elsewhere. "I always really enjoyed photography," he said. It started as a side hustle and then Lind become a freelancer on Fiverr, which connects workers with businesses around the world. "The variety of clients is huge," he says. "The work started rolling in and before I knew it, I was able to just kind of just quit my full-time job." Lind adds, "It feels like I'm building my own business, which is a much different feeling than when you're working for somebody else."
Experts believe Americans will continue to look for better jobs as long as employment stays strong.
On Friday, the Labor Department will release the latest jobs report which is expected to show the U.S. economy added another 400,000 new jobs in April. That would make 12 straight months of 400,000 or more.