The number of people quitting their jobs reached a record high in September.
There were 10.4 million open jobs at the end of September, roughly flat from a month prior and inching closer to a record-setting 10.9 million at the end of July, according to the Labor Department’s job openings and labor turnoverThe number of people quitting their jobs in September increased to a high of 4.4 million, with the largest increases in arts and entertainment and schools , while the number of layoffs and terminations was little changed at 1.4 million.
Though jobs are “abundant,” analysts at Goldman Sachs on Thursday lowered their projections for labor force participation to just 61.9% by the end of the year and 62.
Though childcare constraints and health-risk concerns have improved with school reopenings and vaccinations, respectively, Goldman notes about 1.6 million Americans are still reporting concerns about the spread of Covid-19 as their main reason for not working. Lastly, the analysts point to “generous” government support programs as another factor discouraging labor supply, but they expect these effects should fade after the end of this year, when the expandedThe delta variant-spurred wave of Covid-19 infections this year proved troubling for the already-battered labor market, which is still down about 4 million workers compared to prepandemic levels.
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