Record # of workers quit their jobs in August

[tsptalk]

A record 4.3 million workers quit their jobs in August, led by food and retail industries

KEY POINTS

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.

The decline was well short of market expectations for 10.96 million job postings.

Quits hit a new series high going back to December 2000, as 4.3 million workers left their jobs.

https://www.cnbc.com/2021/10/12/a-r...august-led-by-food-and-retail-industries.html

 

[FireWeatherMet]

Heard an economist talk about this on the radio today.
He said its not 4.3 Million jobs lost, just 4.3 million quitting with most finding better jobs elsewhere, which is normal in a tight labor market.
And also when the economy is strong...as stated from the original article:

"...wrote Chris Rupkey, chief economist at Fwdbonds. “The economy is strong as a bull, that is why there is a tremendous demand for labor.”

 

[tsptalk]

“The economy is strong as a bull, that is why there is a tremendous demand for labor.”

Quits hit a new series high going back to December 2000, as 4.3 million workers left their jobs.

I hear you. Unfortunately a high number of "quits" can be a sign of an economic peak.

 

[Bullitt]

Many of these jobs seeing high "quits" will be automated. It's not a matter of if, but when. The food and dining industry doesn't need servers or waiters. How much time is spent wasted a restaurant just sitting there waiting for someone to bring the check? Just use an app to do tasks such as seating, paying and ordering. Automate as much as possible, get rid of all tips, pay the very few still needed to run a restaurant a better wage.