Economy

A record 4.5 million people quit their jobs in November

All regions of the country reported rises in the number of people quitting their jobs

The number of people who voluntarily quit their jobs rose to a record 4.5 million in November, a show of confidence in the job market and an indication that higher wages could prevail for a while.

The increase of 370,000 people who quit smoking, reported Tuesday in the Labor Department’s Monthly Vacancy and Job Turnover Survey, was led by the food and lodging services industry.

There were also large increases in the fields of health care and social assistance, as well as in the transportation, warehousing and utility sectors. All four US regions reported increases in the number of people who quit their jobs.

“Historic churn rates continued through the end of 2021,” said Nick Bunker, research director at employment services company Indeed Hiring Lab. “Workers continued to change jobs in light of the many opportunities that today’s job market offers. , and the private sector churn rate hit an all-time high of 3.4 percent. Of course, whether these conditions continue into 2022 is one of the biggest questions for next year. ”

The lower-wage sectors directly affected by the coronavirus pandemic continue to have higher levels of churn, Bunker said, adding that the so-called churn rate in the hospitality sector was 6.9 percent. There were also large declines in job openings in that sector, as well as in the nondurable goods manufacturing and construction industries.

Job offers, a measure of labor demand, fell by 529,000 to 10.6 million on the last day of November. Economists polled by Reuters had forecast 11.075 million job openings.

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