JPMorgan Chase CEO Jamie Dimon said Wednesday the record number of Americans quitting their jobs is a consequence of the shock caused by the pandemic.
“People are making different decisions, they’ve moved to different places,” Dimon in response to a question from CNN during a call with journalists.
A government report released Tuesday showed 4.3 million people quit in August, the highest amount since tracking began in late 2000.
“Covid has affected their mindset. There’s more churn. That’s okay and that will normalize over time,” Dimon said.
The record number of people quitting is evidence of the considerable leverage workers have in today’s economy. Many businesses are desperate to hire, giving workers bargaining power to get raises or find jobs with higher pay.
“Wages are going up. That’s a good thing,” Dimon said.
The JPMorgan CEO added that there are many signs of a “strong consumer” and strong business environment, “dampened a little bit” by supply chain problems and other issues.