Americans are Quitting Jobs at Record Rate

#jobs #JOLTS #workers

People are seeing the world differently,” — Paul Ebeling

JOLTS: There are 9.3-M open jobs in America, with the labor force at 161-M, about 3-M people less than it was pre-VirusCasedemic.

A wave of I Quits was illustrated in April, when the share of US workers leaving jobs was 2.7%, according to the US Labor Department, a jump from 1.6% a yr earlier to the highest level since at least 2000.

There are several factors driving the job turnover.

Many people prefer the flexibility of remote work or are reluctant to be in an office before the virus gone.

Others are burned out from extra workloads during the virus chaos, and some are in search of higher pay to make up for a spouse’s job loss or used the chaos to shift gears and learn the financial markets, trading crypto, meme stocks and FX.

In a March survey of 2,000 workers by Prudential Financial Inc., 25% said they plan to soon look for a role with a different employer.

“People are seeing the world differently,” workers who want change are finding lots of options, with some sectors getting a boost from government stimulus packages and increased consumer spending.

Axios reported the lowest wage workers without a college degree would be willing to accept for a new job now stands at an all-time high of $61,483, a rise of $10,000 in just 1 yr, according to a New York Fed labor market survey. Not so for higher educated people.

Have a healthy week, Keep the Faith!