The Great Resignation is NOT over: Unemployed Americans who quit their jobs reached 30-year high
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The number of Americans who left their jobs in September rose to a 30-year high, according to a new jobs report.
New data from the Labor Statistics Bureau indicates that the so-called “big layoff” is far from over, as more people have felt comfortable leaving a position in recent months than almost ever before.
The BLS figures show that the percentage of people who left their jobs rose to 15.9 percent last month, the highest rate in more than 30 years.
This 15.9 percent increase marks the number of people who are currently unemployed and have left their jobs voluntarily.
Figures released by the BLS on Oct. 7 also showed an increase in the total number of jobs added.
The percentage of unemployed who voluntarily quit their job rose by 15.9 percent in September. According to the Bureau of Labor Statistics, this is the highest number in 30 years
Traders operate on the floor of the New York Stock Exchange in New York City on October 7, 2022. US stocks fell sharply on Friday after a solid September jobs report fueled concerns that the Federal Reserve would remain aggressive with rate hikes
US Secretary of Labor Marty Walsh speaks on Labor Day at Henry Maier Festival Park in Milwaukee, Wisconsin on September 5, 2022. Industries hardest hit by “The Great Resignation” include manufacturing, education, retail, and catering industry
According to recent survey data from ZipRecruiter, last month one in four job seekers said they were confident to leave their position without anyone else standing in line.
According to ZipRecruiter chief economist Julia Pollack, the 25 percent of respondents believe that the job market right now is good enough not to remain unemployed for long.
“It’s really an indicator of how hot and how strong this job market is,” Nick Bunker, the economic research director for North America at Indeed, said. Observer.
While “The Great Resignation” isn’t unique to any one industry, some markets have been hit harder than others.
The Bureau of Labor Statistics indicates that: production has had one of the worst layoffs.
People are seen on Wall Street outside the New York Stock Exchange
Trader works on the floor of the New York Stock Exchange in New York October 7, 2022
From before the pandemic to the end of 2021, the percentage of production workers who decided to leave has increased by more than 60 percent.
other industries experiencing similar problems include hospitality, healthcare, education and retail.
This comes after more than 4.2 million people quit or left their jobs in August.
The August figures are also incredibly close to the July layoff figures.
Although millions left their jobs, the unemployment rate remained relatively low.
Only 898,000, about 20 percent of job leavers in August, reported being unemployed after quitting.
According to Observer, the median length of time that Americans remain unemployed is 8.3 weeks. This is the shortest time between jobs in 20 years.
One person who is not concerned, however, is US Secretary of Labor, Marty Walsh.
US President Joe Biden shakes hands with Secretary of Labor Marty Walsh during his remarks about the railroad labor agreement at the Rose Garden at the White House on September 15, 2022
President Joe Biden (center), along with Labor Secretary Marty Walsh (left) and Made in America director Celeste Drake (right) announced that the railroad companies and unions have reached a tentative agreement to prevent a railroad strike
In a recent interview, Walsh said he recognizes the movement but doesn’t believe it will last long.
“It’ll be all right,” Walsh said.
Walsh recently stated that he believed the COVID-19 pandemic was one of the main reasons why so many people have decided to quit their jobs.
This group also included early retirees.
“They were concerned about their health and realized that when the pandemic came, they were working 60, 70 hours a week and they didn’t want to do that,” Walsh said.
In September, 263,000 new jobs were created in the US, a much better number than what President Joe Biden had expected. The forecast fell just below 315,000 job gains in August.
There have been more jobs than the unemployed for months, one of the main factors that has contributed to wage increases in many sectors.
The Fed, which is trying to bring down record high inflation levels, wants more balance.
Despite more than a quarter of a million jobs added, the pace has now slowed for the second month in a row.
Last month, unemployment stood at 3.5 percent, the lowest level since January 2020.
The stock market also kept a close eye on September employment data for signs of what the central bank could do in its tightening campaign.
The unemployment rate reported in September was less than 4 percent, the lowest number since before the COVID-19 pandemic hit the US in March 2020
The US has now replaced all the jobs lost in the early months of the pandemic.
But a shortage of workers and supply chain problems have made it difficult for companies to keep up with customer demands.
As a result, prices have soared – in August they were 8.3% higher than a year ago.
In an effort to curb that inflation, the Fed has aggressively raised interest rates, raising the cost of mortgage rates and auto loans.
US mortgage rates rose to 6.75 percent this week for the seventh straight week, the highest in 16 years, pushing home loan applications down. The Fed’s next rate decision is set for November 2.
The next concern for US President Joe Biden, Secretary of Labor Marty Walsh and the Fed is high inflation. The Fed will meet next November to discuss the issue
The central bank has raised interest rates five times this year, from a rate close to zero in February, now at 3.25 percent.
Fed Chair Jerome Powell has bluntly warned that the inflation battle will “cause pain,” particularly in the form of layoffs and higher unemployment.
The Fed is doing the delicate dance of trying to contain raging prices without sending the economy into recession.
The September report is also the penultimate before the November election to determine control of Congress. Expect both sides to turn the data in the direction of their argument that they are the best stewards of the economy.
Voters view inflation and the economy as one of their top concerns.