More Americans quit jobs in September
The Labor Department released job reports on Friday showing an increase in the number of workers quitting their jobs for the second month in a row. More than 3 percent of the nation’s workforce, 4.4 million, left their positions in September compared to 4.3 million in August. There were roughly 10.4 million job openings that month and only 7.7 million unemployed at the time.
What does this mean? Typically, high quit rates indicate worker confidence. Employees typically do not leave a job unless they have a better option available. Experts estimate most workers left for better-paying positions, which can contribute to higher inflation and consumer costs. Employers in low-paying industries must raise wages to attract staff and then raise the cost of goods to offset it. Amazon is hiring 125,000 drivers and warehouse workers at up to $22 per hour. It is also offering sign-on bonuses of up to $3,000. UPS hopes to add 100,000 new workers for the holiday season, offering jobs to prospective workers within 30 minutes of applying.
Dig deeper: Listen to financial analyst David Bahnsen discuss declining workforce participation during the pandemic on The World and Everything in It podcast.
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