A Record 4.5 Million People Quit Their Jobs in November: Report A US Labor Report reveals the Great Resignation's staying power.
On Tuesday, the US Department of Labor released its Job Openings and Labor Turnover Summary (JOLTS), revealing that the number of resignations reached 4.5 million in November. The number increased by 370,000, matching September's quits rate record high of 3% — indicating that the Great Resignation isn't showing signs of stopping.
"The Great Resignation shows no sign of abating, with quits hitting a new record. The question is why, and the answers are for starkly different reasons," Robert Frick, corporate economist at Navy Federal Credit Union, told CNBC. "Covid-19 burnout and fear are continuing, but also, many Americans have the confidence to quit given the high level of job openings and rising pay."
The accommodation and food services led to the high quit numbers, reporting a 159,000 increase. The health care and social assistance and transportation, warehousing and sectors also noted increases.
Job vacancies, on the other hand, decreased to 10.6 million from 11 million in October. These numbers still reflect a rebound from March and April 2020, when employers got rid of more than 22 million jobs and the unemployment rate reached 14.8%. Based on the November report, the unemployment rate is now hovering around 4.2%, around what economists consider full employment.
"Workers continued to switch jobs in light of the many opportunities the current labor market provides, with the private sector quits rate hitting an all-time high of 3.4 percent," Nick Bunker, director of research at Indeed Hiring Lab, told NBC. "Of course, whether these conditions continue into 2022 is one of the biggest questions for the year ahead."
The U.S. Labor Department is set to release its December employment report on Friday.