Americans quit their jobs at a record pace for the second straight month in September, while businesses and other employers posted a near-record number of available jobs.
The Labor Department said Friday that 4.4 million people quit their jobs that month, or about 3% of the nation’s workforce. That’s up from 4.3 million in August. There were 10.4 million job openings, down from 10.6 million in August, which was revised higher.
The figures point to a historic level of turmoil in the job market as newly-empowered workers quit jobs to take higher pay that is being dangled by increasingly-desperate employers in need of help. Incomes are rising, Americans are spending more and the economy is growing, and employers have ramped up hiring to keep the pace. Rising inflation, however, is offsetting much of the pay gains for workers.
It is typically perceived as a signal of worker confidence when people begin to leave the jobs they hold. The vast majority of people quit for a new position.
Experts claim quitting a job means a sign of worker confidence.
However, there is a reason to believe even this is bad news for Biden and theUS economy.
Due to inflation, any wage gain Americans get is wiped out.
This means even Americans who get higher-paying jobs are going to be making less money because things cost more.
Wage inflation shows few signs of abating even as the daily case rate of coronavirus infections ebbs, with employers in almost every industry competing to lure workers and three million fewer people in the labor force compared to pre-pandemic levels.
The scramble for workers boosted wage growth to an annual increase to 4.9% in October, although this has been outstripped by overall inflation, leading to a fall in real earnings.
Fewer Americans are feeling better about the economics outlook, at least in the short term. U.S. consumer sentiment plunged in early November to the lowest level since November 2011 as surging inflation cut into households’ living standards, the University of Michigan’s consumer sentiment survey showed. Its index dropped to 66.8 in its preliminary November reading from October’s final reading of 71.7. Economists polled by Reuters had forecast a reading of 72.4.
UMich
“One-in-four consumers cited inflationary reductions in their living standards in November, with lower income and older consumers voicing the greatest impact,” Richard Curtin, the survey’s director, said in a statement.
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