Layoffs hit record low as companies attempt to hold on to employees

Jobs data from Wednesday has shown that layoffs are at a record low, meaning employers are holding on to their staff.

Yahoo! Entertainment reports that this is a result of business’s desperation for workers in order to meet the demand of the economic snapback. “Demand is high and employers might not be getting the number of hires that they want – so they’re holding on to the workers they do have,” says Indeed’s Nick Bunker.  

The layoffs and discharge rate fell to 0.9% in May, which is a new record low that goes back to 2001. The massive shift for workers is notable in the hospitality and food services sector, where labor shortage complaints have been most urgent. Overall, the number of open jobs has climbed higher than 9.2 million, the second straight record-breaking months.

Of those workers who are leaving their jobs, they aren’t being fired but are doing so on their own accord. About 68% of workers leaving were categorized at quits. As a result, this has become one of the best times to find a new job or ask for a raise.

ARTICLE: JILLIAN WEIDNER

MANAGING EDITOR: CARSON CHOATE
PHOTO CREDITS: THE GLOBE AND MAIL

The following two tabs change content below.

• Bio
• Latest Posts

Jillian Weidner

I was born and raised in Omaha, NE before moving to Sioux Falls, SD to attend college at Augustana University. This past May I graduated from Augustana with a Bachelor of Arts in Spanish and Biology with an emphasis in Allied Health. I first discovered FBA through my involvement with Turning Point USA where I worked as a Campus Coordinator in college. I have a passion for politics and activism, and was drawn to FBA’s dedication to spreading the truth. Unbiased news is rare in today’s society, so I wanted to be a part of FBA’s mission to change that.

Latest posts by Jillian Weidner (see all)

• New York lieutenant governor resigns after bribery indictment, Hochul promises ‘better vetting’ - April 17, 2022
• Disney heir comes out publicly as transgender - April 17, 2022
• United States inflation rose 8.5% over past 12 months, biggest spike since December 1981 - April 15, 2022