Labor Churn Continues |
An estimated 4.2 million workers voluntarily quit their jobs in the month of October, according to government data released yesterday. The quits rate, the percentage of resignations relative to total employment, stood at 2.8% for the month.
The figure is a slight decrease from a record 4.4 million quits in September, with the total number of workers leaving positions topping 39 million so far in 2021, on pace to set a yearly record. Economists say the departure rate reflects one of the most competitive labor markets in decades—job openings rose to 11 million in October, the second-highest number on record, and average wages rose 4.8% for the 12-month period ending in November.
Referred to as the Great Resignation, experts have cited better opportunities, pandemic burnout, a shift in worker priorities, and more as reasons for the trend. |
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