Workers Quit Jobs at a Record Level in November

Job openings also remained elevated as the number of available workers continues to lag far behind postings in a tight labor market

By Bryan Mena of The WSJ. Excerpts: 

"Workers quit their jobs at a record rate in November while job openings stayed close to highest-ever levels, signs the U.S. labor market remained tight late last year.

The Labor Department on Tuesday said there were 10.6 million job openings at the end of November, a decrease from 11 million the prior month. The total number of quits reached 4.5 million after slightly falling in October from the previous month. The quits rate was 3%, up from 2.8% the prior month and returning to a record rate last seen in September.

Separately, more recent analysis of private-sector job openings showed demand for workers increasing at the end of December. There were 12 million job openings in the U.S. at the end of that month, according to estimates from job-search site Indeed."

"“The low-wage sectors directly impacted by the pandemic continued to be the source of much of the elevated quitting,” Mr. Bunker said" [Nick Bunker, an economist at Indeed]

"Workers have been quitting their jobs for higher wages, more flexibility, or for better opportunities elsewhere"

"In November, 6.9 million people were unemployed but say they want work, meaning there were roughly two workers for every three openings."

"Labor-force participation—which refers to the working-age population that is either employed or seeking employment—has remained below pre-pandemic levels, at 61.8% in November and well below January 2020’s level of 63.4%."