Americans quit their jobs at a record pace for the second straight month in September, while businesses and other employers continued to post a near-record number of available jobs. The Labor Department said that 4.4 million people quit their jobs.
Friday’s report follows last week’s jobs report, which showed that employers stepped up their hiring in October, adding 531,000 jobs, while the unemployment rate fell to 4.6%, from 4.8%. Hiring rebounded as the Delta wave, which had restrained job gains in August and September, faded.
The number of available jobs has topped 10 million for four consecutive months. The record before the pandemic was 7.5 million. There were more job openings in September than the 7.7 million unemployed, illustrating the difficulties so many companies have had finding workers. Quitting has risen particularly sharply in industries that are mostly made up of in-person service jobs, such as restaurants, hotels, and retail, and factories where people work in close proximity. That suggests that at least some people quitting are doing so out of fear of COVID-19 and may be leaving the workforce.
Goldman estimates that most of those people in their prime working years will return to work in the coming months, but that would still leave a much smaller workforce than before the pandemic. That could leave employers facing labor shortages for months or even years.
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