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People across the U.S. are quitting jobs to start their own business

Many across the United States are rethinking their career plans in the wake of the COVID-19 pandemic. The Bureau of Labor Statistics reported 4.5 million people left their jobs in November 2021.

Dr. Mariam Khawar, professor of economics at Elmira College, says this number is higher than average but not unexpected given the circumstances, according to WENY News. In 2019, before the pandemic, about 3.4 million people across the U.S. quit their job per month.

The most notable aspect of the surge in people quitting their jobs is that many are starting their own businesses instead.

“That’s a real phenomenon, that’s not something made up, that’s something that is really happening,” said Khawar. “ A lot of it seems to be people reevaluating what they want to be, what kind of life they want, better work life balance, better pay, better hours, better benefits.”

There were 10.6 million job openings in November 2021, an indication that many employers are having a tough time filling positions.

For those starting a new business, it will be challenging- many businesses fail, and it is hard to make money in the first few years. Time will tell which new businesses thrive as well as what larger implications of this trend might arise.