People are leaving US workforce at historic rate
A record 4.4m people quit their job in September according to the US Labor Department.
At 3% of the entire workforce, it is the record-highest number of people seen quitting their job in a single month, as morale in America appears to be at a low point.
UNITED STATES: Over 4.4 million workers quit their jobs in September, the highest monthly figure on record.— The Spectator Index (@spectatorindex) November 13, 2021
One reason for the dramatic numbers is that workers are quitting to seek better paid jobs, or jobs they deem to be more suited to their needs.
"Labor now has the initiative, and the era of paying individuals less than a livable wage has ended," said Joseph Brusuelas, chief economist at RSM US.
"This strongly suggests that rising wages are going to be part and parcel of the economic landscape going forward."
“Who else is gonna quit their job?” - Harry talking to the crowd last night in Sacramento. pic.twitter.com/0J62zbberT— HSD Love On Tour (@hsdlot) November 11, 2021
As of now, there are 10.4m open jobs in America, while 7.6m people are seeking work, as the ongoing labor shortage crisis continues.
"The pace of people quitting across the labor market is remarkable," Nick Bunker, director of economic research at the Indeed Hiring Lab, told CNN, "but the concentration among a few sectors is eye-popping. Quits are up the most in sectors where most work is in-person or relatively low paying."
The Atlanta Fed’s wage growth tracker showed a 3.5% increase in September year-on-year, as official inflation figures have been recorded at 6.2%.
This means that many people are likely getting paid substantially less than they were a year ago.
The US Federal Reserve’s mandate is to ensure full employment and maintain price stability.
Its own data clearly shows that it is failing in both regards.
CPI: 6.2%— Sven Henrich (@NorthmanTrader) November 10, 2021
FIRE THE ENTIRE FEDERAL RESERVE BOARD FOR GROSS INCOMPETENCE AND RECKLESS ENDANGERMENT!