The Great Resignation.
Tangle
Isaac Saul
4.8 • 672 Ratings
🗓️ 17 November 2021
⏱️ 26 minutes
🧾️ Download transcript
Summary
On Friday, the U.S. government released its latest Job Openings and Labor Turnover Survey (JOLTS) data, showing an estimated all-time high of 4.4 million workers who quit their jobs in September, up from 4.3 million in August, indicating the pace of employees quitting their jobs is still increasing. The percentage of resignations relative to total employment was 3%, also the highest such figure on record.
The "quits rate" data came along with a more encouraging jobs report, as September numbers were revised upward and October numbers exceeded expectations. 6.5 million new hires were made in September, and over 530,000 new jobs were added in October, but around 10.4 million jobs remained open. The pre-pandemic job vacancy high was 7.5 million. Since April, 24 million workers have quit their jobs. There are about 160 million people in the entire labor force. Quits are defined as voluntary separations initiated by an employee. Economists and analysts are calling this phenomenon The Great Resignation.
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Transcript
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| 0:34.5 | From executive producer Isaac Saul, this is Tangle. |
| 0:40.7 | This is Tangle. |
| 1:01.2 | A good morning, good afternoon and good evening and welcome to the Tangle podcast, a place where you get views from across the political spectrum, some independent thinking. |
| 1:04.3 | Without all that hysterical nonsense you find everywhere else. |
| 1:06.2 | I am your host, Isaac Saul. |
| 1:10.7 | And on today's show, we are going to be talking about the great resignation. |
| 1:15.1 | There has been a tsunami of job resignations in the U.S. workforce recently. Still, there are many workers want or need to remain in their roles. |
| 1:19.4 | So what is the impact on those who stay on the job? |
| 1:23.5 | All of a sudden, it seemed like everyone I know was changing jobs or stepping off the career ladder. |
| 1:30.6 | In the month of May alone, 3.6 million Americans quit their jobs. |
| 1:35.2 | And that's down from the month before, with almost 4 million walking out the door in April. |
| 1:40.6 | A two-decade high, by the way. |
| 1:42.6 | It's what's being- As President Biden ready to sign the trillion-dollar infrastructure bill, |
| 1:47.0 | he's contending with a slew of economic issues from the pandemic fallout, |
... |
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