Amid the challenges posed by the pandemic, many workers across the United States have come to realize that their contributions are undervalued, prompting them to seek improved conditions elsewhere. This realization has led to a substantial number of job departures as individuals pursue better career prospects. Despite an increase in job offerings, the current job market remains favorable to workers.
Based on a report from the Job Openings and Labor Turnover Survey (JOLTS), approximately 4.3 million workers, accounting for 2.9% of the total US workforce, resigned from their positions in August. This figure represents a 0.2% rise from July, equating to around 242,000 more individuals leaving their jobs.
Gus Faucher, the chief economist at PNC, emphasized the current ease with which individuals can secure new job opportunities if dissatisfied with their current positions or seeking better pay. He noted, “We’re seeing people vote with their feet.”
By the end of August, the United States had approximately 10.4 million unfilled job positions. However, the primary reasons for job departures included dissatisfaction with low wages, poor working conditions, and a lack of flexibility amidst the ongoing uncertainties stemming from the pandemic. Notably, a significant portion of resignations came from workers in the food service and accommodation sectors.
A record 4.3 million people, about 2.9% of the workforce, quit their jobs in August, according to the Job Openings and Labor Turnover Survey report. That marks the highest quit rate since the report began in 2000. https://t.co/EE5wxowX1v
— CNN (@CNN) October 12, 2021
Joe Brusuelas, chief economist at RSM, highlighted the newfound confidence among American workers in their ability to negotiate for better pay and working conditions. He suggested that the economy might be entering a “golden age for the American worker.”
Reflecting on the current dynamics, Brusuelas drew parallels with historical periods following major upheavals, noting the transformative impact experienced by the population. He emphasized that the aftermath of such shocks would require time for adjustment and reevaluation.
