Americans are quitting their jobs in record numbers

>> HI, YES, THIS IS SARA WITH VACA.SA AMANDA: SARA ANASTASIA RECENTLY SWITCHED FROM A DEMANDING SASLE JOB TO WORKING AT HOME MANAGING VACATION RENTALS. DUE TO THE PANDEMIC, IN THE SPRING OF 2020, SHE EXPERIENCED WORKING AT HOME WITH HER FAMYIL CLOSE BY, AND SHE LOVED IT. >> WE GOT TO SPEND THAT FALYMI TIME THAT I DON'T THINK OTHERWISE WE WOULD HAVE HAD. I THINK LIFE WOULD HAVE JUST KEPT ON GOING. AMAN:DA EVENTUALLY, ANASTASIA WAS CALLED BACK TO THE OFFICE AND TO TRAVELING HER EXTENSIVE SALES TERRITORY. SHE HAD AN EPIPHANY. >> I WAS CONSTANTLY ANXIOUS, I'D EVEN HAVE MILD PANIC ATTACKS ON THE HIGHWAY JUST TRYING TOET G BACK TO MY SON ON TIME. AMANDA: ANASTASIA LONGED TO RETURN TO WORKING FROM HOME, AND BRAVELY ASKED THE QUESTION. >> WHY CAN'T I HAVE THAT? WE DID ALL HAVE IT. WE ALL WORKED FROM HOM SO WHY CAN'T I STILL HAVE THAT? AMAN:DA ANASTASIA IS NOT THE ONLY ONE ASKING THAT QUESTION, AND THE TREND IS BEINGAL CLED THE GREAT RESIGNATION. ACCORDING TO A RECENT REPORTY B THE JOBS SITE MONSTER.COM, A WHOPPING 95% OF WORKERS ARE WNO CONSIDERING CHANGING JOBS, AND 92% ARE EVEN WILLING TO SWITCH INDUSTRIESO TFIND THE RIGHT POSITI.ON WHY ARE SO MANY JUMPING SHIP? ECONOMISTS SAY THE SWIH TOTC REMOTE WORK LAST YEAR HAD A PROFOUND IMPACT ON HOW PEOPLE FEEL ABOUT WHEN AND WHERE THEY WANT TO WORK. NOT ONLY CAN REMOTE WO LRKEAD TO MORE WORK-LIFE BALANCE, BUITT CAN ALSO BE LESS EXPENSIVE. WHY DO PEOPLE TEND TO SAVE MONEY WHEN WORKING FROM ?ME ECONOMISTS SAY ONE REASON IS YOU'RE NOT COMMUTING. SECONDLY, YOU ARE NOT EATING LAUNCH OUT AS MUCH. THIRD, YOU DON’T HAVE TO SPEND MONEY ON CLOTHES THAT REQUIRE DRY CLEANING AND INSTEAD YOU CAN WEAR CLOTHES LIKE THIS. AND IT’S NOT JUST REMOTE WORK LURING PEOPLE FROM THEIR JOBS, ECONOMISTS SAY SOME, PARTICULARLY THOSE WHO WORK IN LOW WAGE JOBS LIKE RESTAURANTS, ARE LEAVING FOR BETTER PAY. ALSO, RIGHT NOW, IT’S A JOB SEEKER’S MARKET. >> AT THE SAME TIME WE ARE SEEING HISTORICALLY HIGH LEVELS OF PEOPLE LEAVING THEIR OLD JOBS, WE'RE ALSO SEEING HISTORICALLY HIGH LEVELS OF JOB OPENINGS. AMANDA: NICK BUNKER IS AN ECONOMIST WITH INDEED HIRE LAB. HE SAYS THERE ARE MORE JSOB AVAILABLE NOW THAN EVER BEFORE IN U.S. HISTORY. THAT HAS MANY EMPLOYERS RAISING WAGES D ANOFFERING HIRING BONUSES. SO FOR THOSE THINKING OF MAKGIN A CHANGE -- >> IF YOU'RE A JOB SEEKER AND YOU'RE WILLING TO TAKE A LEAP RIGHT NOW, NOW MIGHT BE A RELATIVELY GOOD TIME. AMANDA: ANASTASIA IS GLAD SHE TOOK THE R

A record 4.3 million people quit their jobs in August, evidence of the considerable leverage workers have in today's economy.About 2.9% of the workforce quit in August, up from 2.7% in July, according to the Job Openings and Labor Turnover Survey (JOLTS) report, released Tuesday. That marks the highest quit rate since the report began in late 2000.The number of workers who quit rose by 242,000 from July as more Americans demanded higher pay, better working conditions and more flexible arrangements. The number of people who quit rose in accommodation and food services, wholesale trade and state and local government education."If you're unhappy with your job or want a raise, in the current environment it's pretty easy to find a new one," said Gus Faucher, chief economist at PNC. "We're seeing people vote with their feet."Companies continue to grapple with a serious worker shortage. Job openings remained very high at the end of August at 10.4 million, the JOLTS report showed. However, that marks a decline of 659,000 from the end of July.The numbers show the worker shortage was even worse than realized this summer. The number of job openings in July was revised higher to 11.1 million, a record high since this report began in 2000.'Golden age' for workersJoe Brusuelas, chief economist at RSM, said this may be witnessing the start of what might eventually be considered the "golden age for the American worker.""The American worker is now confident that he or she has the bargaining power and can obtain a reasonable wage — and have influence over the shape of working conditions," Brusuelas said.That bargaining power comes from their willingness to quit jobs they don't like and look for new ones. And this shift is not merely centered on simple economics — but a broader reassessment around quality of life and purpose."This is what happens after great wars or depressions," Brusuelas said. "It's hard to spot while you're in it, but we've gone through a shock that has elicited an unexpected change upon the population. And it will take some time to sort through."All of this helps explain why employers, including factories, trucking companies, restaurants, construction firms and schools, are having trouble finding workers.In the long run, such a workforce transformation will be a positive thing, allowing more people to find satisfaction in their careers and for businesses to have happier employees. And it can allow more workers to make a living wage and contribute to the broader economy, easing the alarming gap between rich and poor.In the short run, however, the worker shortage will continue to complicate the reopening of the global economy, contributing to rising prices, supply chain stress, product shortages and shipping delays."It takes some for these things to work themselves out," said PNC's Faucher.

A record 4.3 million people quit their jobs in August, evidence of the considerable leverage workers have in today's economy.

About 2.9% of the workforce quit in August, up from 2.7% in July, according to the Job Openings and Labor Turnover Survey (JOLTS) , released Tuesday. That marks the highest quit rate since the report began in late 2000.

The number of workers who quit rose by 242,000 from July as more Americans demanded higher pay, better working conditions and more flexible arrangements. The number of people who quit rose in accommodation and food services, wholesale trade and state and local government education.

"If you're unhappy with your job or want a raise, in the current environment it's pretty easy to find a new one," said Gus Faucher, chief economist at PNC. "We're seeing people vote with their feet."

Companies continue to grapple with a . Job openings remained very high at the end of August at 10.4 million, the JOLTS report showed. However, that marks a decline of 659,000 from the end of July.

The numbers show the worker shortage was even worse than realized this summer. The number of job openings in July was revised higher to 11.1 million, a since this report began in 2000.

'Golden age' for workers

Joe Brusuelas, chief economist at RSM, said this may be witnessing the start of what might eventually be considered the "golden age for the American worker."

"The American worker is now confident that he or she has the bargaining power and can obtain a reasonable wage — and have influence over the shape of working conditions," Brusuelas said.

That bargaining power comes from their they don't like and look for new ones. And this shift is not merely centered on simple economics — but a broader reassessment around quality of life and purpose.

"This is what happens after great wars or depressions," Brusuelas said. "It's hard to spot while you're in it, but we've gone through a shock that has elicited an unexpected change upon the population. And it will take some time to sort through."

All of this helps explain why employers, including , companies, , firms and , are having trouble finding workers.

In the long run, such a workforce transformation will be a positive thing, allowing more people to find satisfaction in their careers and for businesses to have happier employees. And it can allow more workers to make a living wage and contribute to the broader economy, easing the alarming gap between rich and poor.

In the short run, however, the worker shortage will continue to complicate the reopening of the global economy, contributing to rising prices, supply chain stress, product shortages and shipping delays.

"It takes some for these things to work themselves out," said PNC's Faucher.

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