On Friday, the U.S. government released its latest Job Openings and Labor Turnover Survey (JOLTS) data, showing an estimated all-time high of 4.4 million workers who quit their jobs in September, up from 4.3 million in August, indicating the pace of employees quitting their jobs is still increasing. The percentage of resignations relative to total employment was 3%, also the highest such figure on record.
The "quits rate" data came along with a more encouraging jobs report, as September numbers were revised upward and October numbers exceeded expectations. 6.5 million new hires were made in September, and over 530,000 new jobs were added in October, but around 10.4 million jobs remained open. The pre-pandemic job vacancy high was 7.5 million. Since April, 24 million workers have quit their jobs. There are about 160 million people in the entire labor force. Quits are defined as voluntary separations initiated by an employee. Economists and analysts are calling this phenomenon The Great Resignation.
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