Record 4.3 million people quit their job in August :wow:

Discussion in 'The Locker Room' started by CouldntBeMeTho, Oct 12, 2021.

  1. CouldntBeMeTho

    CouldntBeMeTho Balling Since My Adolescent Years Supporter

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    Workers left their jobs at a record pace in August, with bar and restaurant employees as well as retail staff quitting in droves, the Labor Department reported Tuesday.

    Quits hit a new series high going back to December 2000, as 4.3 million workers left their jobs. The quits rate rose to 2.9%, an increase of 242,000 from the previous month, which saw a rate of 2.7%, according to the department’s Job Openings and Labor Turnover Survey. The rate, which is measured against total employment, is the highest in a data series that goes back to December 2000.

    Quits have been seen historically as a level of confidence from workers who feel they are secure in finding employment elsewhere, though labor dynamics have changed during Covid-19 crisis. Workers have left their jobs because of health concerns and child care issues unique to the pandemic’s circumstances.

    A total of 892,000 workers in the food service and accommodation industries left their jobs, while 721,000 retail workers departed along with 534,000 in health care and social assistance.

    “As job openings and hires fell in August, the quits rate hit a new series high, surging along with the rise in Covid cases and likely growing concerns about working in the continuing pandemic,” said Elise Gould, senior economist at the Economic Policy Institute.

    Covid cases have since been on the decline nationally, though some health care professionals worry about another rise during the colder months.

    Job openings also declined sharply in August as hiring fell.

    Employment vacancies fell to 10.44 million during the month, a drop of 659,000 from July’s upwardly revised 11.1 million, according to the department’s Job Openings and Labor Turnover Survey. Federal Reserve officials watch the JOLTS report closely for signs of slack in the labor market.

    The total fell well short of market expectations for 10.96 million openings, according to FactSet.

    “There is an enormous labor shortage in the country right now and it is not just because people are quitting or have child care problems, or can’t get to work due to the Delta variant,” wrote Chris Rupkey, chief economist at Fwdbonds. “The economy is strong as a bull, that is why there is a tremendous demand for labor.”

    The job posting rate fell to 6.6% in August from 7% in July. That level was just 4.4% a year ago as the economy was still struggling to escape the Covid downturn.

    Hires declined by 439,000 for a month in which nonfarm payrolls increased by 366,000. The hires rate fell to 4.3% from 4.6%, due largely to a plunge in leisure and hospitality. The sector, which took the hardest pandemic hit, saw hiring decline by 233,000, sending the rate down to 7.9% from 9.5% in July.

    Government hiring also fell sharply during the month, down to 1.4% from 2.2%.

    The JOLTS data runs a month behind the nonfarm payrolls report but still carries weight at the Fed. Central bank officials are mulling whether to begin pulling back the unprecedented policy help they provided during the pandemic, and are expected later this year to slow monthly bond purchases.

    However, Fed officials have said they will not begin increasing interest rates until the labor market firms up.

    https://www.cnbc.com/2021/10/12/a-r...august-led-by-food-and-retail-industries.html
     
  2. AAKing23

    AAKing23 92' til Infinity.... Supporter

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    Bout to be a whole lot more too, me included
     
    Last edited: Oct 12, 2021
  3. Easy-E

    Easy-E Through the storm... Supporter

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    :snoop: Say what you want; these vax mandates ain't helping.

    This is coming fasting than we thought;

    [​IMG]

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  4. Jasonmask

    Jasonmask Superstar

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    People talking the risk on being self employed good for them
     
  5. CouldntBeMeTho

    CouldntBeMeTho Balling Since My Adolescent Years Supporter

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    Holiday seasons definitely gonna have a lot of people saying "fukk this" :hubie:
     
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  6. CouldntBeMeTho

    CouldntBeMeTho Balling Since My Adolescent Years Supporter

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    I imagine a lot of it is people quitting for other jobs they want more. That would still count in the stats
     
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  7. NYChase718

    NYChase718 Veteran

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    Country is a shyt hole only gonna get worse
     
  8. I Really Mean It

    I Really Mean It Veteran

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    People don’t want to work for pennies while billionaires earn record profits.

    :francis:
     
    Last edited: Oct 13, 2021 at 4:32 AM
  9. NinoBrown

    NinoBrown Superstar

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    #CertGang eating fine over here, lobster, filet mignon, buying crypto, exoticals on deck, gambling bands on football....

    Better get a job grouch!!!
     
  10. GetSomeMoney

    GetSomeMoney All Star

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    Most came from the restaurant industry, the Delta variant was popping up and you could still get the unemployment extra payment, not surprising. The Q4 numbers will tell the real picture, people have started coming back because of the holidays coming up.
     
  11. Mindfield333

    Mindfield333 Superstar

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    Lemme learn how to code these mf
     
  12. Anerdyblackguy

    Anerdyblackguy Gotta learn how to kill a nikka from the inside Supporter

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    This isn’t stable at all. You can’t have an economy where white collar workers or majority of WFH workers are thriving and working class Americans/blue collar workers keep rotating jobs/positions like musical chairs.
     
  13. Paper Boi

    Paper Boi Veteran Supporter

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    robbin season coming soon :francis:
     
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  14. Chrishaune

    Chrishaune Superstar

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    There is no lack of jobs available and some people are just ready for a break. Stored those stimulus checks away and decided to go on vacation for a while.
     
  15. BigScust

    BigScust Veteran Supporter

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    Small businesses are hurting not corporations with billionaire execs
     

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