The Department of Labor’s Bureau of Labor Statistics has reported that 3.6 million workers left their jobs in July, which is a record high.
This represents a 2.6 percent quit rate increase among private-sector employees.
Human Resources Executive Online notes that even though economists have started to point to signs of a weakening economy, job openings remain at high levels, driving continued worker confidence in the strong job market.
As Chris Rupkey, chief economist at MUFG in New York explains:
“The U.S. has never entered into a recession with so many ‘help wanted’ signs out there across the country, meaning the labor force is already lean and mean with few surplus workers to cut.”
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The information included in this blog post originally appeared in an article from Human Resource Executive on September 10, 2019 written by Michael J. O’Brien.