The U.S. job market's extreme fluctuations has employers and job seekers trying to figure out what to do next. To get a handle on what you need to know about the job market, let's look at where the growth and opportunities are.
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Who's Quitting?
The U.S. Bureau of Labor Statistics reported a quits rate at an all time high of 2.9% in August 2021; the number of quits rose by 242,000 to 4.3 million.
According to a report from Reuters, 157,000 people quit in the accommodation and food services industry; 26,000 left in the wholesale trade business and the state and local government education saw 25,000 departures.
Baby boomers, people roughly age 57 to 66, are also quitting either to retire early, take a break or start their own business. Almost 3.2 million more baby boomers retired in the third quarter of 2020 than did in the same quarter of the previous year, according to a report from the Society for Human Resource Management.
But where are all these people going?
Some have decided to stay home with their school-age children. Some no longer want to hold two or more part-time jobs. Some have decided they can survive on the salary of their spouse or partner for the time being. These are not lazy workers or people who don't want to work. They are people who have made a conscious decision for a better quality of life.
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