Categories: Business

United States: 4.3 million people quit their jobs in August

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(CNN Business) A record 4.3 million people quit their jobs in August, evidence of the considerable leverage workers have in today’s economy.

About 2.9% of the workforce quit in August, up from 2.7% in July, according to the Job Openings and Labor Turnover Survey (JOLTS) report, released Tuesday. That marks the highest quit rate since the report began in late 2000.
The number of workers who quit rose by 242,000 from July as more Americans demanded higher pay, better working conditions and more flexible arrangements. Those number of people who quit rose in accommodation and food services, wholesale trade and state and local government education.
“If you’re unhappy with your job or want a raise, in the current environment it’s pretty easy to find a new one,” said Gus Faucher, chief economist at PNC. “We’re seeing people vote with their feet.”
Companies continue to grapple with a serious worker shortage. Job openings remained very high at the end of August at 10.4 million, the JOLTS report showed. However, that marks a decline of 659,000 from the end of July.
The numbers show the worker shortage was even worse than realized this summer. The number of job openings in July was revised higher to 11.1 million, a record high since this report began in 2000.
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