The Wall Street Journal, that great chronicler of business class whining, has yet another new trend to report:
The white-collar labor market is softening to a point that companies are encountering an issue that would have been unthinkable in the era known as the Great Resignation. These days, too few people are voluntarily leaving their jobs.
Sigh. Here are the numbers:
Quits have indeed dropped. They are now at precisely the level of January 2020, right before the pandemic.
The bizarre thing is that the Journal article includes this exact chart. Like mine, it shows that quits are the same right now as they were in January 2020. It also shows that the average quit rate since 2000 is 2.0%, so quits are still at a higher rate than average right now. They know all this, but they wrote the article anyway.
Too many quits, too few quits, not the right kind of quits. It's always something.
POSTSCRIPT: For what it's worth, people are generally more likely to quit in good times (easy to find a better job) and less likely to quit during recessions. The reduction in the quit rate has hardly reached crisis proportions—it went down to 1.7% during the dotcom bust recession and 1.2% during the Great Recession—but the fact that it's declining does indicate that workers are more worried about the economy these days.
Per the WSJ, it must all be Biden's fault for whatever is the issue with corporate America (and everything else they think is going wrong in this country). If not Biden then its Obama's or Nancy's fault (reliable right wing targets).
I'm pretty sure there's still room for Clinton and Carter to be at fault for something.
My father grew up on a Kansas wheat farm; he used to say that farmers always had a complaint -- it was always too wet or too dry, too hot or too cold, too windy or too calm ...
The New Republic, I believe, had a tongue-in-cheek article years ago that argued that all economic news is bad news. It's a good thing to keep in mind when reading the Wall Street Journal. My all-time favorite Journal article was a piece about the impact on the burka industry when the Taliban was (temporarily) kicked out of power in Afghanistan.
Must've been a really shitty day at the WSJ the day after Lincoln freed the slaves. "What about the impact on all of the country's agriculture?! Doesn't Lincoln care about the price of food and clothing?! The nation's market shelves will be empty!!"
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Remember who owns the Wall Street Journal, the "The-Sky-is-Falling" Murdoch clan. Gotta stir up the rubes, even the rubes with centi-million dollar income. To Rupert, they're all "marks".
“That great chronicler of business-class whining” is the best descriptor of the WSJ I’ve ever heard. That phrase really tickled me.
People exist to buy stuff and work exactly when the Owners of Capital need them to work, no more and no less. It's a problem when people choose to linger on after Owners are done with them, or don't materialize at the snap of a finger when Owners need them, or have any other needs of their own that they expect Owners to deal with. I mean, who do those people think they are, Actual People?
Many many years ago my father's close friend Jack bought a repossessed red Ford Galaxie convertible- for you kids out there, when I was 8 years in 1962 I thought it was a pretty cool car. As an aside my father and his friend always referred to the color as repo red. When Jack quoted a concern about this model he'd read in the Wall Street Journal to the dealer the salesman simply replied "the Wall Street Journal is full of shit". This story amused both Jack and my father for the rest of their lives. Perhaps it is unfair to some of the straight news reporters there once upon a time but it's not a bad motto for our times.
Everyone's battening down the hatches for the recession everyone knows is right around the corner.
House Republicans seem poised to deliver on their promise to destroy the US economy because they only care about slandering their political opponents and raking in money from their donors.