....Since April of this year, Americans have quit their jobs and not returned to the workforce at a historic rate, an exodus some call “The Great Resignation.”
According to the latest U.S. Bureau of Labor report, 4.3 million quit their jobs in August, 242,000 more than in July. The monthly quit rate hit a new high, at 2.9 percent. Though quitting is happening across all job sectors and among workers at all skill levels, it was up in August in hospitality and food services, wholesale trade, and in state and local education....
The number of people who switch from one job to another is what you would predict given the great opportunities. It’s always been true that people who switch jobs tend to get higher wage growth than people who stay put, but it looks unusually high right now — about 2 percentage points over the last. So, there are very strong economic incentives to change jobs — that’s the first reason.
But a second issue — we see a lot of anecdotal and survey data on this — is, I think we’ve really met a once-in-a-generation “take this job and shove it” moment.
GAZETTE: What’s driving that?
KATZ: There’s no perfect way of measuring these types of factors. But what we do see is a lot of people asking about getting remote work, for example, and a lot of people questioning low-wage, high-turnover situations, and employers starting to respond, but pretty slowly relative to the expectations of workers.
The other reason why this is a “take this job and shove it” moment for a lot of workers is their financial situation is much better than it was coming out of the Great Recession, with the expansion of the social safety net and the stimulus payments during the pandemic period.
"Take This Job and Shove It" is a 1977 country music song written by David Allan Coe and popularized by Johnny Paycheck, about the bitterness of a man who has worked long and hard with no apparent reward. The song was first recorded by Paycheck on his album also titled Take This Job and Shove It.
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