People are quitting their jobs now more than ever, report shows
The U.S. Department of Labor reports quit rates reached 4.3 million in August, the highest ever recorded.
The quit rate measures the amount of people quitting their jobs without having a new job lined up. Economist Danny Court with Scottsdale-based Elliott Pollack and Company says this suggests a strong labor market that favors workers.
“There are employers just clamoring for workers and there seems to be just pent up demand for that. And so, these workers have a choice. So they can quit their job if they don’t like where they’re at and find a better position somewhere else," Court said.
Court says the labor shortage has prompted predictions of wage pressure, which could lead to an increase in wages.