Among the major concerns about the labor market is the huge number of people quitting their jobs. It is a counterbalance to the sharp drop in the unemployment rate that fell to 4.2% in November, according to the Bureau of Labor Statistics.
The debate about why people have quit their jobs in such great numbers, and why people apparently have not reentered the workforce has been heated. One theory is that people have retired completely from the workforce. Another is that people have started their own, small businesses. A result of the number of people who have quit jobs is it has helped drive job openings to over 11 million in October, slightly up from the month before. The figure is so high the media has labeled it “The Great Resignation”.
A total of 4.157 million people quit their jobs in October, according to the “Job Openings and Labor Turnover Survey” issued by the Bureau of Labor Statistics. That made the “quit rate” for the month 2.8%. Commenting on the trend, a reporter at The Washington Post wrote:
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.
The state with the highest quit rate was Colorado at 3.8%. This represents 104,000 people. Although there may no relationship between the two, Colorado has one of the higher unemployment rates in the country. In November, it was 5.1% compared with the national figure of 4.2%. There is no solid reason to show why Colorado’s quit rate is so high.
The debate about quit rates will continue since the figures continue to be so remarkably high.
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