Morning Wire Friday | October 15, 2021
Oct 15, 2021
A striking 4.3 million workers have recently quit their jobs, revealing a significant labor shortage across industries. The Biden administration warns of escalating supply chain issues, potentially disrupting holiday shopping. Furthermore, discussions on a global minimum tax raise concerns regarding its effects on American businesses and workers. Amidst mounting tensions, protests against COVID-19 policies and workplace regulations are stirring up debates on taxation and industry standards.
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The Great Resignation
- A record 4.3 million Americans quit their jobs in August 2021, nearly 3% of the workforce.
- This surge in resignations coincides with a significant labor shortage of 10.4 million open jobs.
Worker Leverage
- Workers are leveraging the current job market with its abundance of openings.
- They are seeking better opportunities with higher wages and signing bonuses.
Vaccine Mandate Impact
- Vaccine mandates are another potential factor in the high quit rate.
- Some workers are leaving jobs due to employer mandates predating the federal order.