The Big Quit
Oct 22, 2021
3 minutes
“In the US, 4.3 million quit their jobs in August – that’s 2.9% of the workforce”
What’s going on?
fter years in which inflation and wage growth have been subdued across rich-world economies, labour markets are tightening and prices and wages rising fast. Take Japan, Italy and the UK, for example. In all three countries, according to calculations by The Economist, the spending power of average hourly pay was about the same in early 2020, at the start of the pandemic, as it had been 15 years previously, before the financial crisis. In this placid context, recent real growth in US
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