4.2 Million Americans Resigned In October

As workers continued to search for better opportunities, the higher number of resignations is part of the economic disruption that continues almost two years after the coronavirus pandemic had broken out.

About 4.2 million Americans quit their jobs in October as anxiety in the labour market continued to impact the US economic recovery according to a report released Wednesday by the Bureau of Labour Statistics.

The number of people who left jobs for other opportunities in October made up 2.8 % of the workforce according to the BLS’s monthly Job Openings and Labour Turnover survey.

In contrast, the survey found 11 million job openings, only slightly less than the record from July. A record 4.4 million Americans quit their jobs in September.

This report once again shows strong demand from employers leading to a hot labour market. The bargaining table is tilted more toward workers than it has been in the past. The question now is whether the omicron variant will impact the labour market, with industries as the sector workers quit the most

The high resignation rates do reflect that many employers are hungry to hire. Many employers have moved to raise wages or offer generous signing bonuses to attract employees.

Child and family care pressures stemming from the pandemic continue to be an issue for many people. And in-person work, particularly amid declining vaccination rates and the stubborn refusal of many people to adhere to COVID restrictions.

As for data from today, US job openings rose to 11.033 million in October from 10.602 million in September according to the Bureau of Labour Statistics, compared with 10.469 million openings expected in a survey compiled by Bloomberg. The level of hiring remains well below the number of job openings, confirming that businesses are finding it difficult to fill positions.