Over 4.5 million people quit their jobs in November, shattering September's previous record
A record number of workers voluntarily left their jobs in November, CNBC reports, according to the Labor Department's Job Openings and Labor Turnover Survey.
The aptly-named quits level jumped to 4.53 million that month, an 8.9 percent increase from October. The November level also surpassed September's previous record of 4.36 million, writes CNBC; when analyzed as a percentage of the workforce, "the quits rate of 3 percent matched September's mark."
The November quits rate was also "the most in the two decades that the government has been keeping track," notes The New York Times.
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
Resignations were highest among restaurant and bar workers, retail workers, arts and recreation workers, and professional and business services, per The Washington Post. For example, "nearly 7 percent of restaurant and bar workers changed or quit jobs in November; 4.4 percent of retail workers did," the Post notes. Health-care employees also drove much of the surge.
Important to note is that these workers were not leaving the labor force when quitting their roles; rather, they were most likely taking advantage of an incredibly tight job market in which they have incredible leverage.
"These are not quits from the labor force, but quits from lower paying jobs to higher paying jobs, from less prestigious jobs to better, more prestigious jobs, from less flexible jobs to more flexible jobs," ZipRecruiter economist Julia Pollak told the Post.
On that same note, the employment index rose 0.9 percentage points to 54.2 percent in "a sign that hiring remains strong" despite displacements in the market, writes CNBC.
Of course, November's report does not account for the arrival of the Omicron variant, meaning things could change once the new, highly infectious COVID strain is factored in.
Sign up for Today's Best Articles in your inbox
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
Brigid Kennedy worked at The Week from 2021 to 2023 as a staff writer, junior editor and then story editor, with an interest in U.S. politics, the economy and the music industry.
-
Judges block $25B Kroger-Albertsons merger
Speed Read The proposed merger between the supermarket giants was stalled when judges overseeing two separate cases blocked the deal
By Peter Weber, The Week US Published
-
Rupert Murdoch loses 'Succession' court battle
Speed Read Murdoch wanted to give full control of his empire to son Lachlan, ensuring Fox News' right-wing editorial slant
By Peter Weber, The Week US Published
-
Bitcoin surges above $100k in post-election rally
Speed Read Investors are betting that the incoming Trump administration will embrace crypto
By Peter Weber, The Week US Published
-
Enron mystery: 'sick joke' or serious revival?
Speed Read 23 years after its bankruptcy filing, the Texas energy firm has announced its resurrection
By Peter Weber, The Week US Published
-
US charges Indian tycoon with bribery, fraud
Speed Read Indian billionaire Gautam Adani has been indicted by US prosecutors for his role in a $265 million scheme to secure solar energy deals
By Peter Weber, The Week US Published
-
Boeing machinists approve contract, end strike
Speed Read The company's largest union approved the new contract offer, ending a seven-week strike
By Peter Weber, The Week US Published
-
US economy still strong in final preelection report
Speed Read It grew at a solid 2.8% annual rate from July through September
By Peter Weber, The Week US Published
-
Boeing machinists reject deal, continue strike
Speed Read The rejection came the same day Boeing reported a $6.2 billion quarterly loss
By Peter Weber, The Week US Published