An unprecedented number of American workers quit their jobs in September, signalling how the persistent swings are limiting the efforts of employers to fill the near-record vacancies.
- JOLTS report indicated that a record 4.4 million Americans quit their jobs in September. But the number of vacancies available slowed down to 10.4 million.
- The incentives of record wage increases and other attractive offers by employed aggressively looking for talent have motivated Americans to leave their jobs in masses.
- The quits rate, measuring the number of quits in the month as a percentage of the overall employment, rose to 3% in September.
- Quits rose across several industries, more so in arts, entertainment and recreation, and other services and state and local government education.
Total hires remained largely unchanged in September at 6.5 million, backed by the strength in health care and social aid. The hire remained the same at 4.4%. Layoffs and discharges changed to stand at 1.4 million.
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Source: U.S. Bureau of Labor Statistics.