A record 4.4 million Americans quit their jobs in September as labor market tumult continued
Source: Washington Post
A record 4.4 million Americans quit their jobs in September, as job openings remained near record levels according to federal data, a sign of how imbalances in the labor market continue to complicate the economic recovery 20 months into the pandemic. Those numbers are up from August, when 4.3 million people who quit their jobs in August about 2.9 percent of the workforce.
The numbers reflect the changes that continue to wrench the labor market after the pandemic upended the course of business and life across the country in 2020. Americans are quitting their jobs for a number of reasons. In September, when the delta variant of the coronavirus was nearing its peak, child care and other pressures forced many employees to rethink their daily routine. Many other workers, meanwhile, were lured to other jobs because of better pay and benefits elsewhere as employers became desperate to fill openings.
The August data, for example, showed that workers in more rural areas quit at a higher rate in part because they had more leverage to demand better pay. The country has regained the vast majority of jobs lost in the earliest months of the pandemic, but still has more than four million jobs less than it did in February 2020. Economists have been looking to the return to full employment as an important milestone, but labor shortages, surging caseloads from the Delta variant, supply chain issues and other wrinkles have emerged to complicate that recovery.
Businesses and industry groups have complained vociferously about trouble finding available workers since the countrys wide reopening in the spring, as they have sought to hire up. Efforts to curtail unemployment benefits to address the problem, have thus far shown little success of prompting large numbers of people back into the labor market.
Read more: https://www.washingtonpost.com/business/2021/11/12/job-quit-september-openings/
JohnSJ
(92,372 posts)TeamProg
(6,206 posts)The underlying structural problem isnt that government is over-stimulating the economy. Its that big corporations are under competitive.
Corporations are using the excuse of inflation to raise prices and make fatter profits. The result is a transfer of wealth from consumers to corporate executives and major investors.
This has nothing to do with inflation, folks. It has everything to do with the concentration of market power in a relatively few hands.
from a couple of days ago:
https://robertreich.org/post/667491205931745280
SWBTATTReg
(22,156 posts)JohnSJ
(92,372 posts)of the pandemic
wackadoo wabbit
(1,167 posts). . . he was a Rhodes Scholar there.
Where exactly did you get your degree in economics from?
JohnSJ
(92,372 posts)for his politics, philosophy, and economics degree at Oxford as for being a Rhodes Scholar, so is Bobby Jindal and David Vitter
wackadoo wabbit
(1,167 posts)Where did you get your degree in economics from?
As for Jindal and Vitter being Rhodes Scholars, the award is a measure of academic prowess, not politics.
But for the record, other Rhodes Scholars include Bill Clinton, Rachel Maddow, Susan Rice, and Cory Booker.
oldsoftie
(12,587 posts)Supply & demand is a real thing. And it applies to labor as well as anything else. And its hard to see how profits will go up further when some companies have reduced hours due to staffing shortages.
Its just a matter of what people will put up with. For example, I quit buying bacon several months ago. I love bacon, but its simply not worth the current price, IMO. Plus the quality was down too. When more people quit buying it, supply will increase & prices will pull back
TeamProg
(6,206 posts)that is causing the inflation.
I thought that was clear.
Response to TeamProg (Reply #3)
Chin music This message was self-deleted by its author.
hedda_foil
(16,375 posts)progree
(10,912 posts)Job Openings and Labor Turnover Summary
https://www.bls.gov/news.release/jolts.nr0.htm
(Progree split the first paragraph into 5 one-sentence paragraphs)
Hires and total separations were little changed at 6.5 million and 6.2 million, respectively.
Within separations, the quits level and rate increased to a series high of 4.4 million and 3.0 percent, respectively.
The layoffs and discharges rate was unchanged at 0.9 percent.
This release includes estimates of the number and rate of job openings, hires, and separations for the total nonfarm sector, by industry, by four geographic regions, and by establishment size class.
Blah blah (snip) blah blah (snip) blah
million, yielding a net employment gain of 5.6 million. These totals include workers who may have been hired and separated more than once during the year.
(snip)
The "Job Openings and Labor Turnover Summary" is also known as the JOLTS report and comes out monthly with a more than one month lag. This is the September 2021 report which was released today, November 12.
BumRushDaShow
(129,376 posts)progree
(10,912 posts)I was traumatized not seeing his report here, but still glad to find it over there
BumRushDaShow
(129,376 posts)It could have been he ran into 403 issues getting that posted here.
Thanks for the link!!
mahatmakanejeeves
(57,586 posts)I quoted the first paragraph. Usually I quote the whole thing.
I had been checking Yahoo! Finance to see if they had a placeholder article waiting for the report to be released. I didn't see anything.
BumRushDaShow
(129,376 posts)You had our partner going through withdrawal not automatically seeing it here.
mahatmakanejeeves
(57,586 posts)I've been treating it as a scheduled press release that doesn't affect things too much, unlike the payroll employment report, which always makes the evening TV news.
It hadn't crossed my mind to put it in LBN. BLS reports are written in a style that doesn't cause too much excitement.
The last two months of JOLTS, though, have caught people's attention. I don't think it's the usual situation that the WaPo puts out an article about JOLTS within a matter of minutes.
JOLTS is definitely LBN this month and the previous month. Next month's will be watched too.
And good morning.
BumRushDaShow
(129,376 posts)We are going through some wild times, perhaps unprecedented... aside from what happened with huge shifts in the workforce during WW2 with respect to the draft pulling out a large chunk of working age people, followed by backfills of their jobs by then-"non-traditional" employees (often women) because of that, and including others who engaged in all sorts of occupations created to support the war effort.
And good Saturday morning!
KY_EnviroGuy
(14,494 posts)from mental, emotional and in some cases physical stress.
Healthcare workers, teachers and service workers for example are simply worn out and tired of seeing friends and relatives needlessly die or nearly die from COVID.
KY.......
madville
(7,412 posts)There is very little risk of hospitalization,
and even less risk of death for fully vaccinated individuals.
womanofthehills
(8,759 posts)Are vaccinated and our hospitals are filled to capacity. They say its because our state was early to Vax and now a large portion of those no longer have antibodies until they get the booster
madville
(7,412 posts)Because if the original vaccine isnt working now, those new mandates are gonna be worthless sooner rather than later.
modrepub
(3,502 posts)Demographics: The baby boomers are finally retiring leaving a smaller demographic group (GenXers) to take up the reins. Smaller group, harder to find replacements.
Immigration: I can't help but think all of the negative posturing regarding immigrants has put the brakes on folks taking the lower rung jobs in the invisible economy. If that's the case, fewer folks willing to do the hard manual labor is contributing to more bottlenecks.
Bulls--t Jobs: Far too many companies have basically ignored high turnover in their workforce. They figured there'd always be replacements to fill in for those who burned out, got hurt or left for greener pastures. Changes in demographics and immigration have finally turned the tables on them (and they ain't happy).
Guess we'll see if government becomes the sledgehammer to force people back into our crappy-job economy.
oldsoftie
(12,587 posts)I know several in that group. They looked at their financial situation while they were out of the office & realized they could retire NOW instead of 3,4,5 yrs from now
madville
(7,412 posts)It was a second career anyway, I just dont feel like doing it anymore and dont have to. I recently got my VA disability rating increased to 90% so Im currently getting $1887 a month tax free from that. A simple $400-500 a week job would be all I need to live comfortably these days. Plus my military reserve pension will start in a few years, that will be another $2000 a month and I have a small federal civilian pension I can draw at age 57 that will be $600 a month. Arranging some things right now as far as health insurance would be concerned so Im ready.
I still have about 15 months of credit left in my GI Bill, I could go to school a few semesters and draw about $1500 a month in living expenses from that too. I would resign right this minute if I didnt like the no cost health plan and platinum dental coverage I get at the current job.
The Jungle 1
(4,552 posts)The plan is set to continue through 2022. It is based on income and pays out big numbers. If my wife retires and we control our income it will pay her whole healthcare insurance tab. If you are in Pa check it out. So I may not collect SS for another year.
Response to madville (Reply #15)
Chin music This message was self-deleted by its author.
Response to BumRushDaShow (Original post)
Chin music This message was self-deleted by its author.
mahatmakanejeeves
(57,586 posts)imavoter
(646 posts)but would I really find better pay?
There's lots of jobs but not lots of good paying jobs, I wonder.
And I already make crap.
No point in moving from one crappy place to another.
It's a long story how I fell into my current job, but I wouldn't think
there's not a lot of admin jobs out there. It's not secretarial, but
kind of a combo of account management and data entry for back end for medical staffing.
I've pretty much made 16-17 per hour for the last 15 years, and I've
struggled to find other things that pay better.
Also, what are people doing when they quit their jobs? I have bills to pay.
Don't they? It's just me, I don't have anyone else.