Millions of Americans have been throwing in the towel and quitting their jobs, as skyrocketing inflation has made it nearly impossible to maintain a sustainable standard of living.
According to the Bureau of Labour Statistics’ latest Job Openings and Labour Turnover (JOLT) survey, there were over 11 million vacant jobs in October, with the majority of them concentrated across the the accommodation and food service industries— the two sectors that have been at the forefront of labour shortages, record-high inflation, and supply chain disruptions— all of which have disrupted running costs.
The turnover rate for workers in the accommodation and food industries sat at 6% in October, while 4% of Americans have quit their jobs in retail sector. Some analysts have suggested that the substantial number of workers willingly leaving their job is an optimistic sign for the US economy, as it depicts strengthening confidence in the labour market and incentives for people to return to work. However, others insist that the worsening inflation problem is more than offsetting the rise in wages.
The latest figures follow last week’s less-than-dismal jobs report, which showed that a paltry 210,000 jobs were added to the labour market in November— substantially less than the 500,000-some positions economists called for.
Information for this briefing was found via the BLS. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.