4.3 million Americans quit their jobs at a record pace in August

Posted 5 days ago

From WWW.OCREGISTER.COM

One reason America’s employers are having trouble filling jobs was starkly illustrated in a report Tuesday: Americans are quitting in droves.

The Labor Department said that quits jumped to 4.3 million in August, the highest on records dating back to December 2000, and up from 4 million in July. Hiring also slowed in August, the report showed, and the number of jobs available fell to 10.4 million, from a record high of 11.1 million the previous month.

The data helps fill in a puzzle that is looming over the job market: Hiring slowed sharply in August and September, even as the number of posted jobs was near record levels. In the past year, open jobs have increased 62%. Yet overall hiring, as measured by Tuesday’s report, has actually declined slightly during that time.

The government said Friday that job gains were weak for a second straight month in September, with only 194,000 jobs added, though the unemployment rate fell to 4.8% from 5.2%. Friday’s hiring figure is a net total, after job gains and quits, retirements and layoffs are taken into account. Tuesday’s report, known as the Job Openings and Labor Turnover Survey, or JOLTS, includes raw figures, and showed that total hiring in August fell sharply, to 6.3 million from 6.8 million in July.

The data is “highlighting the immense problems businesses are dealing with,” said Jennifer Lee, an economist at BMO Capital Markets, in an email. “Not enough people. Not enough equipment and/or parts. Meantime, customers are waiting for their orders, or waiting to pl... (Read more)