On Tuesday, the Labor Department reported that a record 4.3 million workers quit their jobs in August, the highest level in over 20 years.
“Employment vacancies fell to 10.4 million during the month, a drop of 659,000 from July’s upwardly revised 11.1 million, according to the Labor Department’s JOLTS report,” CNBC reported. “The decline was well short of market expectations for 10.96 million job postings. … The job posting rate as a percentage of the workforce fell to 6.6% in August from 7% in July.”
The food service and accommodation industries were hard-hit along with the retail and health care industries; 892,000 workers in the food service and accommodation industries quit while 721,000 retail workers and 534,000 in health care and social assistance industries also left their jobs.
“In August, the job openings rate decreased in medium establishments with 50-249 employees. The hires rate decreased in large establishments with 250-999 employees,” the JOLTS report noted. – READ MORE