Wednesday, October 20, 2021

4.3 Million Workers Reportedly Quit Their Jobs in August [VIDEO]

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*A record number of 4.3 million people walked off the job in August, according to the federal Job Openings and Labor Turnover Summary.

NBC News writes:

Job openings fell from a record 10.9 million to 10.4 million — an unexpected drop that experts say could be attributable to contractions in commercial activity due to the delta variant of the coronavirus, falling economic expectations, companies’ taking late-summer breathers from hiring, statistical noise or some combination of the above. But with more than 10 million unfilled job openings, it is clear that more workers are seeking greener pastures. The rate of people quitting their jobs reached a record 2.9 percent, leading with increases among people leaving hotel, dining and wholesale trade jobs.

“If we look across broad cross-sections of economic metrics, we know there’s been some moderation recently” in forecasters’ expectations, said Mark Hamrick, the chief financial analyst at Bankrate. 

READ MORE: September Job’s Report: Expectations Missed Badly – Payrolls Increased by Only194,000

“There continue to be a lot of remarkable crosscurrents in the economy,” Hamrick said. “It stands to reason that there would be a cost to that with respect to employment.”

“Given the fact that we have lower employment levels overall, it’s kind of incredible to see thousands of people quitting,” said Julia Pollak, the chief economist at ZipRecruiter.

Per the report, experts warn that the labor shortage is having a negative impact on mom-and-pop businesses. Restaurant owners across the country have expressed concern about surviving the holidays without going out of business. 

“Wherever labor is the critical element to revenue, it’s a challenge,” said Alignable co-founder and CEO Eric Grove. “The problem is when you’re short-staffed … you’ve got to give your staff a break so you can deliver the level of service you want.”

According to a new survey from the National Federation of Independent Business,  51 percent of small businesses are unable to fill jobs. 

“It’s an incredibly difficult time for those who have open positions to find and attract applicants,” said Holly Wade, the executive director of the NFIB Research Center.

“For many of them, they’re not receiving any applications — there are just no résumés coming in right now,” she said.

Ny MaGee
Ny MaGee is a screenwriter and freelance reporter from Chicago -- currently living in Los Angeles and covering A-list entertainment for various outlets, including Emmys.com. She has worked for: Miramax, MTV & VH1, The Jim Henson Company, Hallmark Channel, Paramount Pictures, and for iconic indie film producer Roger Corman.

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