Job Openings Report Shows Record Number of Workers Quit in November

Americans are pessimistic about the economy. Only 21 percent of adults said their finances were better off than a year ago, according to a survey released Tuesday — down from 26 percent when the question was asked a year earlier, even though, by most measures, the economy had improved substantially during that period. The survey of 5,365 adults was conducted last month for The New York Times by Momentive, the online research firm formerly known as SurveyMonkey.

Overall consumer confidence is at the lowest level in the nearly five years Momentive has been conducting its survey. Republicans have been particularly pessimistic about the economy since President Biden took office a year ago, but in recent months, Democrats too have become more dour. Other surveys have found similar results.

Inflation appears to be a big reason for people’s dark outlook. Nearly nine in 10 Americans say they are at least “somewhat concerned” about inflation, and six in 10 are “very concerned,” the survey found. Worries about inflation cross generational, racial and even partisan lines: 95 percent of Republicans, 88 percent of independents and 82 percent of Democrats say they are concerned.

“Pretty much the only group of people who say they’re better off now than they were a year ago are people who’ve gotten a pay raise that matches or beats inflation,” said Laura Wronski, a research scientist at Momentive.

There aren’t many of them. Only 17 percent of workers say they have received raises that kept up with inflation over the past year. Most of the rest say either that they have received raises that lagged price increases or that they have received no raise at all; 8 percent of respondents said they had taken a pay cut.

Government data likewise shows that, in the aggregate, prices have risen faster than pay in recent months: The Consumer Price Index rose 6.8 percent in November, a nearly four-decade high; average hourly earnings rose 4.8 percent in November, and other measures likewise show pay gains lagging price increases.

Yet some workers are seeing much faster wage growth. Hourly earnings for leisure and hospitality workers were up 12.3 percent in November, much faster than inflation. Workers in other low-wage service sectors are also seeing strong gains.

Article source: https://www.nytimes.com/2022/01/04/business/economy/job-openings-coronavirus.html