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Goodbye. Farewell. Adios. Sayonara. Workers have been giving their bosses an earful of such words as of late. Last week, the U.S. Bureau of Labor Statistics announced that 4.3 million Americans, or 2.9% of the entire workforce, quit their jobs in August. That was a record-breaking month, piggybacking on previous record months. “The Great Resignation” is real, and it can be seen across virtually all industries.
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It’s common to see a surge in quitting when the job market is tight and there’s a cornucopia of open positions. But what’s happening now is unlike anything we’ve seen before. Economists and pollsters are still investigating what’s going on. Are generous government benefits encouraging people to quit? Maybe, but some evidence suggests not.