The alert came on my phone from Fox Business. “Job openings hold near record high as more Americans quit their jobs in April.”
The Labor Department says that 4.4 million Americans quit their jobs in April. That’s 2.9% of the workforce.
It’s been called The Great Resignation. Workers leaving their jobs for better paying ones with better hours and working conditions.
We are living in a strange time. American workers are being paid more as employers try to keep them on the job. Inflation however, is eroding those pay gains.
Everything just costs more right now. So much more. The White House can’t fix it either. President Biden says his hands are tied. “The idea we’re going to be able to, you know, quick switch, bring down the cost of gasoline is not likely in the near term, nor is it with regard to food.”
We may not have seen the worst of it either. JP Morgan Chase CEO Jamie Dimon says an economic hurricane is brewing. “That hurricane is right out there down the road coming our way. We just don’t know if it’s a minor one or Super Storm Sandy.”
Dimon points to a number of factors like Federal Reserve policies to the war in Ukraine. “You better brace yourself,” Dimon says.
The White House certainly seems to be worried. Not just about the economy, but also about the upcoming midterm elections and 2024.
Mara Liasson from NPR appeared on Fox News and summed it up pretty well. “Inflation defeats presidents, it’s probably the most significant economic indicator. It outweighs unemployment, job growth because it affects everybody in terms of their weekly budgets.
And inflation does seem to be affecting everyone. A recent survey from MSN shows that even the wealthiest people in this country are living paycheck to paycheck. We’re talking people making more than $250 thousand dollars a year living paycheck to paycheck.
It’s causing a lot of us to dip into our personal savings. The Commerce Department says the personal savings rate for fell more than 4% in April.
Economists say this could lead to something called “demand destruction.” That’s when prices get so high that people just stop spending.
I know this. People are worried. I’m worried. Changing a lot of my habits. Much less Uber Eats. I’m cooking again. You know what? I’m not a very good cook.