For 2nd straight month, Americans quit jobs at a record pace

November 12, 2021 ☼ great-resignation

Source: MPR News (Link)

Americans quit their jobs at a record pace for the second straight month in September, in many cases for more money elsewhere as companies bump up pay to fill job openings that are close to an all-time high.

The Labor Department said Friday that 4.4 million people quit their jobs in September, or about 3 percent of the nation’s workforce. That’s up from 4.3 million in August and far above the pre-pandemic level of 3.6 million. There were 10.4 million job openings, down from 10.6 million in August, which was revised higher.

The figures point to a historic level of turmoil in the job market as newly-empowered workers quit jobs to take higher pay that is being dangled by businesses in need of help. Incomes are rising, Americans are spending more and the economy is growing, and employers have ramped up hiring to keep pace. Rising inflation, however, is offsetting much of the pay gains for workers.

I’m not so sure that higher pay is the main driver. I think it’s lack of respect for these workers in service jobs coupled with boomers aging out of the workforce. That social security numbers don’t seem to be reflecting the latter though so I may be wrong.