3 reasons the 'Great Resignation' is a good thing, according to the Federal Reserve Chair
, and Powell was highlighting good news for workers in a Wednesday press conference.
Here are three reasons the"Great Resignation" is what a good market for workers looks like in 2021 and beyond, according to the Fed chair.When asked specifically about the"Great Resignation," Powell was quick to note the wave of quits wasn't as ominous as it seems. Millions of Americans left their jobs, but many are going to other ones with better pay, he said.
"That's a sign of a strong labor market, as opposed to people just running off and quitting," he added.Roughly 1.7 million Americans retired ahead of schedule and left the workforce for good during the COVID crisis, according to. Combined with typical retirement trends, and it's likely that millions of workers have permanently left the labor market.
"Maybe this was just catch-up on that," he said, referring to the pandemic-era wave of retirements. Powell was open to the idea that retirement is going back to a healthier level than the last decade-and-a-half.The participation rate has stalled after recovering about half of its pandemic loss, but that shouldn't be cause for concern, Powell said. The rate is"more flexible" than measures like the unemployment rate or monthly job growth.
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