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Economy A Record Number of Americans Quit Jobs

Discussion in 'The War Room' started by luckyshot, Oct 12, 2021 at 7:24 PM.

  1. luckyshot Voted Most Reasonable Platinum Member

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    A record 4.3 million people quit their jobs in August, evidence of the considerable leverage workers have in today's economy.

    About 2.9% of the workforce quit in August, up from 2.7% in July, according to the Job Openings and Labor Turnover Survey (JOLTS) report, released Tuesday. That marks the highest quit rate since the report began in late 2000.
    The number of workers who quit rose by 242,000 from July as more Americans demanded higher pay, better working conditions and more flexible arrangements. Those number of people who quit rose in accommodation and food services, wholesale trade and state and local government education.
    "If you're unhappy with your job or want a raise, in the current environment it's pretty easy to find a new one," said Gus Faucher, chief economist at PNC. "We're seeing people vote with their feet."


    Companies continue to grapple with a serious worker shortage. Job openings remained very high at the end of August at 10.4 million, the JOLTS report showed. However, that marks a decline of 659,000 from the end of July.

    The numbers show the worker shortage was even worse than realized this summer. The number of job openings in July was revised higher to 11.1 million, a record high since this report began in 2000.

    'Golden age' for workers
    Joe Brusuelas, chief economist at RSM, said this may be witnessing the start of what might eventually be considered the "golden age for the American worker."

    "The American worker is now confident that he or she has the bargaining power and can obtain a reasonable wage -- and have influence over the shape of working conditions," Brusuelas said.
    That bargaining power comes from their willingness to quit jobs they don't like and look for new ones. And this shift is not merely centered on simple economics -- but a broader reassessment around quality of life and purpose.
    "This is what happens after great wars or depressions," Brusuelas said. "It's hard to spot while you're in it, but we've gone through a shock that has elicited an unexpected change upon the population. And it will take some time to sort through."
    All of this helps explain why employers, including factories, trucking companies, restaurants, construction firms and schools, are having trouble finding workers.

    In the long run, such a workforce transformation will be a positive thing, allowing more people to find satisfaction in their careers and for businesses to have happier employees. And it can allow more workers to make a living wage and contribute to the broader economy, easing the alarming gap between rich and poor.
    In the short run, however, the worker shortage will continue to complicate the reopening of the global economy, contributing to rising prices, supply chain stress, product shortages and shipping delays.
    "It takes some for these things to work themselves out," said PNC's Faucher.


    https://www.cnn.com/2021/10/12/economy/jolts-job-openings/index.html

    Good on my fellow Americans for waking up. I got to work because I have kids, and I've got to get away from those little motherfuckers. But besides that, work sucks and we don't really need to be doing it anymore.

    Take this job and stick it.

    That goes for you too, Sherdog. I've got a drawer full of legal weed and I'll buy craft beer on food stamps.
     
  2. Staph infection Glue historian

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    They got out ahead of the vaccine mandates put in place by the tyrannical leaders of industry.
     
  3. foxnewsfan Black Belt

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  4. Staph infection Glue historian

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    Just think at one point within the last year, you could quit your job based on fear of Covid and get unemployment. Now you can be fired for fear of a “vaccine” and the potential harm it can have on your body and you will be denied unemployment.
     
  5. Queen B Fully Vaccinated Double Yellow Card

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    They quit for better job opportunities.

    Unemployment hit record low since Pandemic

    Biden's America
     
  6. ocfightfan Sic semper tyrannus

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    Yeah, that's the reason they quit. Sure.
     
  7. Rob Battisti HR for HR

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    I just quit today for a 20% raise at a competitor. 32% in base salary and 20% overall.

    Feels good.
     
  8. luckyshot Voted Most Reasonable Platinum Member

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    I haven't noticed any riots lately, though. People are finally learning to take it easy. Happy times.
     
  9. andnowweknow I heard Trump lost

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    You're so goddamn reasonable.
     
    luckyshot likes this.
  10. JudoThrowFiasco Charming Quark Platinum Member

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    So non skilled workers quit in hopes to find better paying jobs in a time the administration is looking to increase immigration.

    K
     
  11. Pliny Pete Puts Butts In Seats

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    Even fast food is offering $20 an hour with medical, dental and 401K here in my area, if youre unhappy where youre at, nows the perfect time to try something different
    Fuck corporate America slave drivers, POWER TO THE PEOPLE!!

    SI SE PEUDE!!
     
    Strychnine, cooks1, Loiosh and 10 others like this.
  12. MicroBrew Titanium Belt

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    Maybe people are finally realizing they don't need to put up with shit wages for the jobs they do.
     
  13. dreden1982 Blue Belt

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    In hopes? As if none of them left for another job?
     
  14. MicroBrew Titanium Belt

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    People might be quitting cause they feel their work isn't adequately compensated...

    And some on the right will say people want free money and are lazy...

    Then business support mass illegal immigration and H1B visas...

    And the right will complain that wages are going down, the Democrats are supporting illegal immigration and trying to change demographics....
     
  15. JudoThrowFiasco Charming Quark Platinum Member

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    Im sure some did, but the article frames it as in hope of
     
  16. evergreenrider Honky-tonk Hero's

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  17. dreden1982 Blue Belt

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    I don't see how the writer could possibly know
     
  18. JudoThrowFiasco Charming Quark Platinum Member

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    How would they know people quit but not know they found another job already or beforehand?
     
  19. dreden1982 Blue Belt

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    I'm guessing that their data comes from employers. Maybe via the labor department. If these are lower wage jobs why would low income people leave a job without another job lined up? Most wouldn't.
     
  20. JudoThrowFiasco Charming Quark Platinum Member

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    I disagree, I believe it's the segment to be the most myopic and impulsive . If they did find new jobs in that time frame of the report I'm sure it would be reported by the new employers, etc.
     

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