Record 4.4 million Americans quit their jobs in September - August was 4.3 million quit

SlugSlinger

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It seems that dissatisfied employees can have their pick of opportunities, experts say. A record 4.4 million Americans quit their jobs in September as the sheer volume of available jobs is empowering workers to have their pick.

“Labor now has the initiative, and the era of paying individuals less than a livable wage has ended,” said Joseph Brusuelas, chief economist at RSM US, reports CNN Business. “This strongly suggests that rising wages are going to be part and parcel of the economic landscape going forward.”

Those workers had 10.4 million vacant jobs to choose from in September, the Bureau of Labor Statistics reported Friday. This was only a slight decrease from the 10.6 million open jobs in August.

Over the 12 months ending in September 2021, hires totaled 73.3 million and separations totaled 67.7 million, yielding a net employment gain of 5.6 million for the year.

While there were 7.4 million unemployed workers last month, reports the Wall Street Journal, the site Indeed.com figured the number of US openings at 11.2 million.

“The Delta variant is still visible in the September JOLTS report,” said Nick Bunker, director of economic research at Indeed.com. But he noted, “we do know from the October jobs report that the labor market did get on more stable ground.”

“The pace of people quitting across the labor market is remarkable,” Bunker said, “but the concentration among a few sectors is eye-popping. Quits are up the most in sectors where most work is in-person or relatively low paying.”

While the quit rate for employees was about 3 percent in September, according to the Washington Post, this could be due to several factors.

Some employers improved pay and benefits to attract hires. Coronavirus infections caused by the delta variant increased, making child care and school attendance less certain, and some workers were less eager to stay in jobs that require dealing with the public, like health care and education.

Retirements were up. “Workers are fed up with working conditions and feel unsafe and are quitting even though they might not immediately jump into a new job,” said an economist for Glassdoor.



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What's interesting is the spike after buyden was given the office.





August:
 

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SlugSlinger

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Don't see this type of language on Yahoo Finance much. " A huge miss on expectations of 450,000 number of jobs added":

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And another stellar month under buydyn.

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My wife just resigned her teaching position (in January) due to needing to work over 80 hours a week just to keep up with the demands of leadership of a failing online school, that won't be named.
 

SlugSlinger

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Here's smore beans for you that I charted from the BLS site.

Quits per month over the past year:

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I think there is a much bigger issue than the current administration. Check out the historical quits below. Even thought buydyn has exacerbated the quitting problem, this tells me we are likely running out of workers. And maybe why they are letting all the illegals in to make up for the number of quitters.

Quits per month from January 2011 to November 2021:
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ConstitutionCowboy

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Quitting a job is not the same as being laid off or fired. It truly has no real negative effect on the economy since these people are generally quitting to advance to a better paying or more desirable position. It is being portrayed as a negative most likely for political reasons.

That's how I see this.

Woody
 

SlugSlinger

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Quitting a job is not the same as being laid off or fired. It truly has no real negative effect on the economy since these people are generally quitting to advance to a better paying or more desirable position. It is being portrayed as a negative most likely for political reasons.

That's how I see this.

Woody
Yes, but we don’t know what the people that quit are doing. The assumption is or at least what people want us to believe is they are advancing their career. I don’t know that to be accurate. There is close to 11M job openings.

My wife resigned and she didn’t move into a different job. But that may highly unusual.
 

wawazat

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Yes, but in spite of the number of quits, the Biden administration is still out there touting the "low unemployment" numbers.

It's almost like the Democrats (and thus the media) don't know the meaning of "labor participation rate" and how that number is reached.
Most of the unemployment numbers I have reviewed are people not employed, but looking for work. If people don't have jobs and the government has incentivized remaining jobless or discouraged seeking new employment, then those people do not get counted as unemployed. In an extremely welfare biased state, the unemployment numbers can look amazing since no one would be seeking employment.

It is a similar difference in views on GDP and being careful to know if you are looking at numbers corrected for inflation or not.

I think this is one of the huge difference between progressives and conservatives, how we look at numbers. When I think unemployment, I imagine every person of majority age and living on government assistance. When I think of GDP, I imagine the value of our goods produced for the year after correcting for inflation so we are comparing apples to apples. I get the feeling most progressives see it the same way when we look at their charts.
 
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