The Labor Department reported that a record number of 4.5 million Americans quit their jobs in November, while employers posted 10.6 million job openings.

Many analysts see the large number of resignations as a sign that workers are confident in their ability to land better jobs as the market continues to bounce back.

The number of job openings dropped from 11.1 million in October but remain high by historic standards.

Employers filled 6.7 million of those positions in November, up slightly from the month before. 

What does this mean for the job market? Analysts say the record number of quits indicate a recovering economy and better bargaining power for workers, which will likely result in wage increases.

The United States is now 3.9 million jobs short of pre-pandemic levels, and the unemployment rate stands at 4.2 percent.

This story originally appeared in WORLD. © 2021, reprinted with permission. All rights reserved.