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A record 4.3 million people quit their jobs in August, evidence of the considerable leverage workers have in today's economy, Matt Egan reported for CNN Business.
Photo Insert: Job openings remained very high at the end of August at 10.4 million as companies continue to grapple with a serious worker shortage.
About 2.9% of the workforce quit in August, up from 2.7% in July, according to the Job Openings and Labor Turnover Survey (JOLTS) report, released Tuesday. That marks the highest quit rate since the report began in late 2000.
The number of workers who quit rose by 242,000 from July as more Americans demanded higher pay, better working conditions, and more flexible arrangements. That number of people who quit rose in accommodation and food services, wholesale trade, and state and local government education.
"If you're unhappy with your job or want a raise, in the current environment it's pretty easy to find a new one," said Gus Faucher, chief economist at PNC. "We're seeing people vote with their feet." Companies continue to grapple with a serious worker shortage.
Job openings remained very high at the end of August at 10.4 million, the JOLTS report showed. However, that marks a decline of 659,000 from the end of July.
The numbers show the worker shortage was even worse than realized this summer. The number of job openings in July was revised higher to 11.1 million, a record high since this report began in 2000.
Joe Brusuelas, chief economist at RSM, said this may be witnessing the start of what might eventually be considered the “golden age for the American worker.”
He added: "The American worker is now confident that he or she has the bargaining power and can obtain a reasonable wage -- and have influence over the shape of working conditions. That bargaining power comes from their willingness to quit jobs they don't like and look for new ones. And this shift is not merely centered on simple economics -- but a broader reassessment around quality of life and purpose.”
