A wave of resignations broke out in the United States! 4.4 million people resigned voluntarily

Recently, the U.S. Bureau of Labor Statistics reported that 4.4 million Americans chose to leave voluntarily in February, close to the highest number in history, an increase of 94000 over January. The wave of resignations has continued since the second half of 2021.
The United States set off a wave of resignations
The number of job vacancies in the United States in February was about 11.27 million, down slightly from January. According to the data, the number of job vacancies in the education and health services sector was the highest this month, at 2.23 million; Followed by the professional and business services sector, with a total of 2.1 million vacancies; There were also 1.86 million vacancies in the trade, transport and utilities sectors.
In addition, in March, the number of ADP employees in the United States was 455000, the previous value was 475000, and 450000 are expected, the smallest increase in employment since August last year.
Meanwhile, the number of unemployed people in the United States in February was about 6.27 million. A total of 1.4 million workers were laid off in February, the same number as in January. Economists said that at present, the layoff rate in the United States is very low, and the labor side occupies a strong position in the job market.
"The biggest cost in the service economy is labor," said James Knightley, chief international economist at ing. "Given the clear evidence that companies have pricing power, this means that inflation will continue to remain high as companies pass on higher costs to consumers."
According to the latest consumer price index (CPI) data, the rate of price rise in February reached the highest level in 40 years.
US consumer confidence rebounded slightly
The data released by the World Association for large enterprises also showed that the U.S. consumer confidence index fell to 105.7 in February, the lowest level in a year. However, the index rebounded to 107.2 in March.
According to Lynn Franco, senior director of economic indicators of the World Federation of large enterprises, this is an encouraging sign that the economy continued to grow in the first three months of this year.
Franco added: "people's willingness to buy big goods such as cars has weakened in the past few months because consumers believe that prices are rising, especially gasoline prices."
Despite a slight rise in consumer confidence, Americans are facing the highest inflation since 1982, exceeding wage increases, and the Russian Ukrainian war has further contributed. This has led some consumers to control consumption, and the slowdown in consumption will pose a risk to economic growth.
US GDP is lower than market expectations
And so it is. According to the Bureau of economic analysis of the US Department of Commerce, the final annualized quarter on quarter value of us real GDP in the fourth quarter was 6.9%, slightly lower than the 7% expected by the market.
The Bureau of economic analysis of the U.S. Department of Commerce said that the real GDP growth in the fourth quarter mainly reflected the growth of private inventory investment, exports, PCE and non residential fixed investment, which was partially offset by the decrease of federal, state and local government expenditure.
The downward revision of final value mainly reflects the downward revision of personal consumption expenditure (PCE) and exports, which is partially offset by the upward revision of private inventory investment.
In this regard, the economic analysis Bureau said COVID-19 in the four quarter led to some parts of the United States continue to be restricted and disrupted operation. Due to the expiration of some exempted loans for enterprises under federal subsidies, allocations to state and local governments and social welfare for families have been reduced.
The Federal Reserve may speed up interest rate hikes to fight inflation
When necessary, several officials of the Federal Reserve may raise interest rates to fight inflation in the near future.
In the middle of this month, the Federal Reserve announced to raise the target range of the federal funds rate by 25 basis points to between 0.25% and 0.5%. This is the first time the Fed has raised interest rates since December 2018. It also marks the formal end of the Fed's zero interest rate policy since March 2020 and has entered a new round of interest rate hikes in December 2018.
Meanwhile, fed governor Christopher Waller supports raising interest rates by 50 basis points once or more in the coming months to have a faster impact on inflation.
However, from historical experience, it is difficult for the US economy to achieve a soft landing against the background of high inflation. More and more economists and investors are worried that if the Federal Reserve raises interest rates sharply in response to high inflation, it will increase the risk of recession in the United States.
Source: import and export manager
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