High Employment Rate & Struggling Financially Explained

By Wong Kon How


38% of Americans changing jobs in just the last couple of years, according to a new NPR/PBS Newshour/Marist poll. More than half of the changers were younger workers – Gen Z and Millenials.


At the end of 2021, the rate of people quitting their jobs hit the highest level ever seen on government records going back to 2000, and that rate has remained at an historic high this year.


The actual cost of living has been rising a lot faster than that. Recent data shows inflation is running nearly three times that rate, at 8.3%. For reference, on March 21, inflation was at 2.7%.


The high employment rate was necessary because workers have to change jobs and many are taking multiple jobs so as to keep up with the cost of living. Could this have added the number to the employment?


Is stagflation in the making? Meaning high employment and high inflation. Will there be a breaking point where inflation continues to climb and it becomes meaningless to work the extra hours?


I have included the links from the source, enjoy the read:

https://www.npr.org/2022/09/22/1124118203/workers-are-changing-jobs-and-getting-raises-and-still-struggling-financially


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