: The ‘Great Resignation’ is over — and more workers are staying at their jobs, despite tight labor market

by | Oct 6, 2023 | Stock Market

More workers are holding onto their jobs, even if they don’t necessarily feel optimistic about their employers’ future.  The U.S. is expected to add 170,000 jobs in September, keeping the increase below 200,000 for the fourth month in a row, according to Labor Department data released Friday. The last time that happened was in 2018. The percentage of jobless Americans seeking work fell slightly to 3.7% from 3.8%.

While the number of quits — workers who voluntarily left their jobs — remained relatively flat at 3.6 million or 2.6% of employed people in August, 30,000 fewer employees in the tech-heavy information sector quit their jobs in August compared to the previous month. That’s according to seperate data released this week by the Labor Department’s Job Openings and Labor Turnover Survey, or JOLTS, report. The latest figures mark the biggest decrease in job quitters in August among all industries.  Workers tend to stay at their jobs when new jobs are harder to find and when the economy is weakening. Since the start of the pandemic, labor shortages pushed up wages and employers have been on a hiring spree, which resulted in many workers, regardless of sector, job hopping in search of opportunities with better pay. 

“‘When employers are nervous, they slow their hiring. Likewise, when jobseekers are nervous, they’re not as ready to switch jobs.’”

— Andrew Crapuchettes, RedBalloon

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