4.3 million Americans left their jobs in August and the national quit rate increased to 2.9% of the workforce
All over the country, Americans are quitting their jobs at record rates. According to the statistics of the United States Bureau of Labor Statistics, 4.3 million American nationals leave their jobs in August. The countrywide quit rate surged to 2.9 percent of the workforce. It is the highest percentage ever reported in history from the BLS Job Openings & Labor Turnover Survey series.
A record 4.3 MILLION Americans quit their jobs in August, with food services and healthcare losing hundreds of thousands of workers.
This comes as businesses across the country roll out vaccine mandates, raising concerns that they will make the massive worker shortage even worse pic.twitter.com/132lOP7VB1
To put the statistics of August in perspective, the number of employees who left their jobs increased by two hundred forty-two thousand (242000) from July – and by about 1.3 million since August 2020, which documented a total of almost three million quits. Experts emphasize that Americans are leaving their jobs as workers around the country are demanding higher salaries, critical support in their daily lives, and better employment conditions.
UC Berkeley professor of public policy Robert Reich tweeted that there is no labor shortage in the U.S.sa There is a child care shortage, a hazard wage shortage, a living-salary shortage, a healthcare shortage, and a paid sick leave shortage. Further, he added that American people wouldn’t return to work anytime soon until these shortages eased.
Social Security cost-of-living increase will boost benefits 5.9% in 2022 as inflation spikes.
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Now that’s more like it.
Older Americans scraping by on meager increases in their Social Security checks the past decade will reap a relative windfall next year. pic.twitter.com/YVJlhIpw11
Job openings in the country fell to 10.4 million by the August end – tumbling by six hundred and fifty-nine thousand from July. Moreover, 10.4 million is still a high number, especially in comparison to the previous year. In August of last year, there were around 6.5 million job openings. The chief economist at ZipRecruiter, Julia Pollak, says the high number of job openings can contribute to the resignation rate.
She told USA Today that there are now around fifty percent more job openings than there were before in the coronavirus pandemic. Somebody who was finding a new job before might see five or six relevant job postings. Now they see ten or more. There are just additional attractive alternatives.
4.3m Americans Left Their Jobs in August Source: Web
Pollak acknowledged there might be likely positive effects that come with these employment shifts, with pressure ahead on firms to make healthier and comfortable work environments and benefits and competitive salaries. Further, she adds that there has been a remarkable surge in demand for remote positions since the starting of the COVID-19 pandemic. Over fifty percent of surveyed job hunters on ZipRecruiter are looking to work remotely from home.
According to the latest JOLTS report, the rate of overall departures, including layoffs – discharges and quits – countrywide increased from 3.9 percent in July to 4.1 percent in August. In August, industries that experienced the maximum separation rates included food services and accommodation, hospitality, retail trade, and leisure. Similarly, the number of hires declined in August to 6.3 million – a drop by four hundred thirty-nine thousand from July. So, the rate of dismissals cut slightly, from one percent in July to 0.9 percent in August.
