- Macro Monday
- Posts
- What Happened To The Great Resignation? (Macro Monday)
What Happened To The Great Resignation? (Macro Monday)
The Macro Institute's Weekly Economic Primer
The Macro Institute
March 11, 2024
The U.S. labor market has been on a wild ride since the beginning of 2020. The narrative in economic circles for much of 2021 and 2022 was that workers had staged a “Great Resignation”. Labor force participation was down among 25 to 54-year-olds and people quit their jobs at an unprecedented rate. However, that story was never quite accurate. The Quits Rate was, indeed, very high in those years, but the employment rate increased steadily as workers returned. Those that quit their jobs tended to find higher-paying work elsewhere. Last week’s data told us that if there was ever a Great Resignation, it’s receding further into the rearview mirror. In its place is a labor market in which companies are reluctant to lay people off, but workers are finding greener pastures harder to come by. Some are calling it “The Great Stay”, but whatever we name it, the fact that churn in the labor market has calmed to such a degree means we are less likely to see upward pressure on wages moving forward. By extension, this means that the significant disinflation of the past eighteen months is likely to continue.
The Macro Week In Review
Macro Job Board
AllianceBernstein is looking for an analyst to join its Macro Strategy team supporting their multi-asset outcome oriented product suite, with a focus on dynamic asset allocation.
Franklin Templeton is currently looking for an entry level Research Associate to join the Templeton Global Macro group of Franklin Templeton Investments in San Mateo, CA.
Jefferies is seeking a dedicated Training and Development professional to join its Human Resources team. In this role you would be an integral part of their Training and Development team, contributing to a culture that values continuous learning, growth, and well-being.
Top Tweets From The Macro Institute
I had to check the numbers a few times, but they seem legit. Now this is just the delinquency rate that Freddie Mac is experiencing but half of the mortgage debt outstanding in this category are from the agencies...
— Francois Trahan, M²SD (@FrancoisTrahan)
6:06 PM • Feb 27, 2024
Unless this relationship completely breaks down, it looks like the Fed is committing a policy error by pushing off rate cuts playing down their likely magnitude.
If it turns out January CPI and Average Hourly Earnings were seasonality/weather anomalies, hoo boy!
— Brian Nick (@bnick41)
7:20 PM • Mar 6, 2024
IF the yield curve is impaired and we should ignore its "recession" message then why is it still correlating with volatility just as it has historically? I think most of you know by now that I am not a believer that the yield curve is broken as many currently argue.
— Francois Trahan, M²SD (@FrancoisTrahan)
1:28 PM • Mar 3, 2024
Macro Summits Professional Education
For more information and to register for one of our events, please visit:
