Fewer Americans Quit Their Jobs In August 

says employment contract
Via FX Leaders
Adé Hennis
November 1, 2024

Last Tuesday, the BLS reported that Americans quit their jobs at a lower rate in August than in July, from 2% to 1.9%. This was the lowest since August 2020. The number of job openings also increased in August from 7.7 million to 8 million.

The latest Job Openings and Labor Turnover Summary showed that the hiring rate fell in August to 3.3%, a 0.1% decrease. That’s the lowest hiring rate since August 2013, excluding the pandemic.

According to Yahoo Finance, hiring is slowing down, but the quit rate and job openings are increasing, which suggests mixed signals in the labor market. The August summary slightly exceeded expert expectations, with Bloomberg economists predicting that job openings would rise to 7.67 million.

Daniel Zhao, chief economist at Glassdoor, is concerned with the recent drop in the quit rate. "A lack of healthy turnover prevents workers from getting onto and moving up the career ladder.”

“We’re still months away from a potential robust jobs market, and workers understand this and continue to quit their jobs at a slower pace,” said Robert Frick, corporate economist at Navy Federal Credit Union.

We have a quick favor to ask:

PushBlack Finance is a nonprofit dedicated to raising up Black voices. We are a small team but we have an outsized impact:

  • We reach tens of millions of people with our BLACK FINANCIAL NEWS & ECONOMIC EMPOWERMENT STORIES every year.
  • We fight for ECONOMIC JUSTICE to protect our community.
  • We run VOTING CAMPAIGNS that reach over 10 million African-Americans across the country.

And as a nonprofit, we rely on small donations from subscribers like you.

With as little as $5 a month, you can help PushBlack raise up Black voices. It only takes a minute, so will you please ?

Share This Article: