Americans Quit Their Jobs at a Record Rate in August


Morning Brew 12 October, 2021 - 04:35pm 2 views

How many Americans quit jobs in August?

4.3 million people quit their jobs in August, nearly 3 percent of the workforce. The number of people quitting their jobs has surged to record highs, pushed by a combination of factors that include Americans sensing ample opportunity and better pay elsewhere. The Washington PostA record number of workers are quitting their jobs, empowered by new leverage

4.3 million people quit their jobs in the US in August, the Labor Department said yesterday. That’s an astronomical amount—the most on record—and represents nearly 3% of the workforce.

Where are workers quitting the most?

What’s going on? In an economy where jobs are plentiful and the people to fill them are scarce, workers are finding themselves with much more leverage. If their jobs are uber stressful, require long hours for low pay, and pose a greater risk of contracting Covid-19, there’s little incentive to stick around. Just look at the number of people quitting the hospitality and retail industries.

Big picture: This is all a major headache for employers, who have to raise wages and dangle more benefits to find anyone to work for them. Businesses had 10.4 million job openings in the country in August, down from July’s record of 11.1 million but still extremely elevated.—NF

Read full article at Morning Brew

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