And the Great Resignation Continues
In October, 4.2 million workers quit their jobs.
Obviously, part of this is the fact that people can find other jobs, but part of this is a change in attitude about people’s relationship with their employer.
I’m wondering if this is just a blip, or a generational change.
I’m hoping the latter, because American management has been sucking the marrow from their workers using the dregs of employee loyalty:
Some 4.2 million Americans quit their jobs in October as churn in the labor market continued to mark the economic recovery nearly two years into the pandemic, according to a report released today by the Bureau of Labor Statistics.
The number of people who left jobs for other opportunities in October made up 2.8 percent of the workforce, the BLS said in its monthly Job Openings and Labor Turnover Survey. In contrast, the survey found 11 million job openings, only slightly less than the record from July.
A record 4.4 million Americans quit their jobs in September. Workers took advantage of the surge in job openings across the country. August’s numbers, at 4.3 million, were also a record at the time. In contrast, in February 2020, before the big wave of pandemic-related layoffs began, 2.3 percent of workers quit their jobs — underscoring that the October data remains extremely elevated.
The high quits numbers are a reflection of what is perhaps the most worker-friendly climate in decades, as workers have the ability to sort through near-record levels of job postings, and many employers are hungry to hire. Many employers have moved to raise wages or offer generous signing bonuses to attract employees.
More of this. Labor needs to get more and capital less, said your Pinko blogger.