News outlets across the globe reported on newly released data this Friday that a whopping 4.43 million Americans had quit their jobs during the month of September – surpassing the already high 4.27 million that were reported the month prior.
With the recent uptick of Americans fleeing their current positions, the nation has currently entered into a time period some are referring to as “The Great Resignation.”
Join us today as we take a look at this recent trend, what could be causing it and how it could be impacting our current – and future — economy!
Going, Going, Gone!
Continuing the trend of monthly data releases out of the U.S. economy and jobs market, recent employment data was released this week that reports a substantial uptick in the number of Americans leaving their current line of employment. Charts topped 4.43 million Americans who had resigned during the month of September this year, a rise of approximately 160,000 people from August’s data.
Lovingly being referred to as “The Great Resignation,” this latest trend could prove to have serious implications for the U.S. economy should its workforce dwindle down for any significant amount of time in the months to come.
Breaking down this data into specific employment sectors, the quit rates for the leisure and hospitality industry rose to 6.4% during the month, followed by the arts, entertainment and recreation industries which saw a surge to 5.7% from the 3.2% that was previously being reported. Finally, the accommodations and food service industries managed to hold fairly steady during the month at 6.6% as many of the country’s last remaining closed restaurants and hotels continue to open their doors following the recent nation-wide quarantine.
As U.S. officials continue to work to get the economy back on track, one of the things necessary to accomplish that goal is, obviously, a workforce. The disappearance of a significant amount of workers from the pool would only make things harder for the entire nation in the long run.
Some are choosing to look at this boost in resignations as a positive sign that the nation’s citizens have confidence in their country’s labor market as more jobs continue to make their way into the public domain. Supporting this argument is the fact that a majority of Americans who recently quit their jobs were able to find higher paying positions to replace them!
The other side of the argument, however, includes officials who are looking at this recent trend as something that could lead to more economic trouble for the nation and its citizens in the not-too-distant future… As this mass exodus from currently held positions continues, those individuals who have been desperately searching for stable employment after perhaps being let go from their previous position due to the pandemic now find the pool of applicants that much larger, making it even more difficult for them to find a position and stay off of government assistance.
Learn More Here…
If you’d like to hear more about today’s markets and receive new ideas on how best to play them, then we highly encourage you to join the latest broadcast of Ask the Pros where host Celeste Lindman and her latest gathering of market professionals are sitting down to dissect current investing trends and share some tasty holiday trade ideas with you!
P.S. – Longtime DTI colleague and market wiz Geof Smith recently held PART 1 of his QQQ class…
This Monday Geof will be hosting PART 2 — the LIVE trading session — and he wants you to attend!
… And if you missed the recent broadcast, don’t worry! There’s still time to watch the first session and get signed up for the next one before Geof goes LIVE this Monday, November 15th at 9:15am ET!