A record number of Americans have quit their jobs in the month of September as the worker’s market offered them a variety of other opportunities.
CNN reported that roughly 4.4 million workers quit in September, most of which made moves to other positions, thanks to the incredible number of jobs currently available.
According to the report this market has empowered workers to pick a job that they want, not just a job that they need and many have been able to find something that pays better in recent months.
The report states that this move marks a fundamental shift in America’s labor market, as workers find jobs that they appreciate rather than just ones that pay the bills:
“Labor now has the initiative, and the era of paying individuals less than a livable wage has ended,” said Joseph Brusuelas, chief economist at RSM US.
“This strongly suggests that rising wages are going to be part and parcel of the economic landscape going forward.”
According to the most recent reports the nation had 10.4 million open jobs in the month of September, due partially to the worker shortage. That, however, was about a 200,000 worker decrease from the 10.6 million open jobs in August.
This information was released on Friday by the Bureau of Labor Statistics who noted that there was a particularly sharp increase in jobs in the health care sector as well as local government.
“The Delta variant is still visible in the September JOLTS report,” said Nick Bunker, director of economic research at the Indeed Hiring Lab, in emailed comments.
The Indeed executive also noted, however, “we do know from the October jobs report that the labor market did get on more stable ground.”
Not surprisingly, there is a slowing demand for workers in the leisure and hospitality industry, believed to be due to the decline in travel and general economic distress.
“The pace of people quitting across the labor market is remarkable,” Bunker said, “but the concentration among a few sectors is eye-popping. Quits are up the most in sectors where most work is in-person or relatively low paying.”