Planet Money invents a new term for what's going on in the labor market : Planet Money We asked for your dispatches from the labor market, and boy did we hear back. | Subscribe to our weekly newsletter here.

No shortage of labor stories

No shortage of labor stories

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David Zalubowski/AP
In this Wednesday, May 26, 2021, photograph, a sign notes closure because of a staffing shortage hangs on the order border in the drive-thru lane of a fast food restaurant in Spearfish, S.D., (AP Photo/David Zalubowski)
David Zalubowski/AP

Something really strange is happening in the labor market. People are quitting their jobs in droves. Employers are paying more and offering better benefits just so people will think about working for them. And this month, there were 11 million jobs available in the U.S. – and just 6.9 million people looking.

It all amounts to a reset in the balance of power between employers and workers. Maybe you've heard of the Big Quit or The Great Resignation. In this episode, we come up with a new term to describe what's going on out there in the world of work: The Great Renegotiation.

Music: "We Don't Care" and "Get That Groove" and "Tearing it Up" and "Street Groove" and "Don't Look Down" and "Marvelous Vibe" and "Blue Wave" and "Hedonista"

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