The number of open jobs in the U.S. topped 11 million at the end of October, while only 6.9 million Americans are actively looking for work, according to estimates by the website ZipRecruiter, based on its own analysis and government data. That is, there are 67 unemployed job seekers for every 100 job openings.

“We’ve never seen such a low ratio of unemployed citizens to job openings,” said ZipRecruiter senior economist Julia Pollack.

In addition, Americans have become more likely to quit – in October the number of layoffs amounted to 4.2 million, in September reached a record 4.4 million. Some have already dubbed this situation The Great Resignation, similar to the Great Depression and the Great Recession, writes The Wall Street Journal.

Employees are leaving their previous jobs in search of higher wages, more flexible working conditions and more attractive bonuses. The number of layoffs is especially high in areas where there is a relatively fast growth of salaries – in the tourism and hotel business, as well as in logistics and transportation.

The most important labor market indicator, the labor force participation rate, which shows the percentage of working-age people working or actively seeking work, rose to 61.8 percent in November from 61.6 percent a month earlier, but remains below its January 2020 level of 63.4 percent.

Economists say the level of economic activity will rise due to new job opportunities, reduced fears of coronavirus and less government support. In addition, people are running out of funds accumulated during the pandemic and are starting to look for work again.

The imbalance in the labor market remains, and clearly in favor of employees, so the rate of layoffs may even rise in the coming months. “Some may want to start a new life on Jan. 1,” Pollack said. – One of the most popular wishes for the New Year is to find a new job.”