The Bureau of Labor Statistics announced that 4.3 MM Americans quit their jobs in August 2021, up from 4MM in July. The quit rate is highest it’s been since the statistic became available in 2000.
Most of the workers quitting worked in the food services industry and hospitality (892,000), retail (721,000), professional business services (706,000) and health care and social assistance (534,000).
- One interpretation is that workers are fed up with poor working conditions related to COVID-19.
- Quit rate can serve as a measure of workers willingness or ability to leave jobs. 45% of jobs can be done remotely.
- Half of Millennials and Gen Z would consider quitting if employers don’t allow remote work.
- COVID-19 is a vehicle of fantasmic projection, I’m sure each side will be able to use these statistics to support their agenda.
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We tend to think of supply and demand as curves that companies neatly fit into and move proportionally. However, post-Keynesianism economics shows that effective demand is a better way to understand how supply and demand works in reality.