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The Effects of the “Great Resignation” on Labor Market Slack and Inflation

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The fraction of Americans switching their jobs has been increasing at a fast pace in the past 18 months, reaching its highest level on record. According to the U.S. Department of Labor, more than 4.5 million people voluntarily left their jobs in November 2021—the largest figure in the past two decades. This period has been dubbed the Great Resignation. At the same time, wages and salaries have accelerated considerably and by the end of 2021, inflation had hit its highest level since 1982.

Suggested Citation

  • Renato Faccini & Leonardo Melosi & Russell Miles, 2022. "The Effects of the “Great Resignation” on Labor Market Slack and Inflation," Chicago Fed Letter, Federal Reserve Bank of Chicago, issue 465, pages 1-7, February.
  • Handle: RePEc:fip:fedhle:94269
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