Record 4.4 million Americans quit their jobs in September

An unprecedented number of Americans quit their jobs in September, highlighting how persistent churn is undercutting employers’ efforts to fill a near-record level of vacancies.

A record 4.4 million Americans quit their jobs in September, the Labor Department’s Job Openings and Labor Turnover Survey, or JOLTS, showed late last week. Meanwhile, the number of available positions eased to 10.4 million.

Incentivized by record wage gains and other attractive terms offered by employers desperate for talent, Americans are leaving their jobs in droves. That’s made it even more challenging for employers to fill positions while also driving up compensation and inflation.

The quits rate, or the number of quits in the month as a percent of total employment, increased to 3% in September, also a record in data back to 2000.

Quits increased across several industries, notably in arts, entertainment and recreation as well as other services and state and local government education. The number of people who quit their jobs in the leisure and hospitality, manufacturing and health care sectors rose to record highs.

Total hires were little changed in September at 6.5 million, driven by strength in health care and social assistance. The hires rate was unchanged at 4.4%. Layoffs and discharges were little changed at 1.4 million.

A separate report showed U.S. consumer sentiment fell to a decade-low in early November, reflecting growing fears of the impact of inflation on their finances.

The number of available jobs has topped 10 million for four consecutive months. The record before the pandemic was 7.5 million. There were more job openings in September than the 7.7 million unemployed, illustrating the difficulties so many companies have had finding workers.

Quitting has risen particularly sharply in industries that are mostly made up of in-person service jobs, such as restaurants, hotels, and retail, and factories where people work in close proximity.

from Boston Herald https://ift.tt/30no74q