The frenzy of abandonment of the United States is as strong as ever.
After declining slightly in May, the share of people leaving their employers rose again in June, when an additional 3.9 million people left their jobs, according to the latest survey of job openings and hand turnover. -work. The numbers are slightly lower than the April figures which showed a record 4 million people quit in that month, amid confidence they could find better jobs elsewhere.
The number of people who left their jobs in June accounts for 69% of total departures, which also includes layoffs, layoffs and retirements.
Worker confidence rose in the spring and summer as vaccination efforts increased, Covid-19 infection rates stabilized, and companies stepped up hiring to meet growing consumer demand in the industry. economy in recovery.
In June, industries that saw a slight increase in the number of abandonments included professional and commercial services; manufacturing of durable goods; and state and local governments, excluding education.
Meanwhile, opportunities continue to abound for job seekers. The number of job openings in the US economy jumped to 10.1 million in June – the highest on record, according to the Labor Department – thanks to openings in professional and business services; retail business; and accommodation and food services.
“The demand for labor continues to strengthen. This is the third consecutive month of record job openings,” writes Nick Bunker, economist at employment site Indeed. “The quit rate is also close to its all-time high, which was set just two months ago in April. This wave of demand will eventually recede, but job seekers should benefit until then.”
People who change jobs see their wages increase
The data suggests that workers taking advantage of today’s tight labor market are getting away with higher wages. While average wage growth for all workers rose only 1.5% in June compared to a year ago, it is up 5.8% for people who change jobs, according to the last ADP’s Workforce Vitality Report, the payroll company.
Many employers must compete to recruit workers by offering attractive signing bonuses, higher wages, better benefits and more accommodating work schedules.
Job changers who join employers with 500 or more workers make even bigger gains: job changers, ”reads the ADP report.
In addition, “Large companies also benefit from lower turnover rates because they are better able to retain their current workforce. This will play an increasingly important role as the number of vacancies has reached record levels and companies continue to struggle to find candidates. “
Job gains do not benefit everyone
The latest employment report indicates that there are 8.7 million Americans looking for work, which means there are currently over a million more job openings than people who can fill them.
But the unemployment figures do not reflect the millions of people who are poorly classified, who have suffered a cut in wages or reduced hours, or who have had to stop looking for work altogether. For example, limited access to childcare services during the pandemic forced women to give up their jobs disproportionately. Workers excluded from official unemployment figures are disproportionately black, Hispanic, Asian, low-income women without a college degree.
If all these workers were taken into account, the unemployment rate for July would be 8.1% instead of the announced 5.4%, according to Heidi Shierholz, policy director at the Institute for Economic Policy.
Meanwhile, women who recently quit for a new job are seeing above-average wage growth, ADP data shows – wage growth of 6.4% for women compared to 5.5% for women. men. But because of the wage gap, women start at a lower average wage level of $ 27.79, compared to $ 32.61 for men. In addition, women make up a disproportionate share of workers in leisure and hospitality, which is the only sector where wages were lower this year than last year.