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.
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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.