In this chart, we subtract total quits from total hires. The excess of hires over quits looks very good relative to the historical level even though the positive gap recently dipped slightly. Workers are staying at their jobs longer even as they continue to have new employment opportunities.
- As further evidence of job market strength, the Teamster Union announced that it just negotiated its most lucrative agreement ever with UPS. Notably, full and part-time union workers will receive a $2.75/hour raise in 2023 & $7.50 more in total by the end of the 5-year contract. Starting hourly pay for part-time employees was increased to $21/hour and by the end of the new contract, the average UPS full-time driver will make $170k/year in pay & benefits.