The US Labour Department’s closely monitored JOLTS report (Job Openings and Labour Turnover Survey), a critical gauge to future investments, had revealed on Tuesday that the number of Americans voluntarily quitting their jobs had soared to a record peak in August with more than a staggering 10 million positions remaining vacant, illustrating a further rise in inflation indicators in a near term as companies were reportedly raising wages to draw in workers amid an utterly squeezed US labour market.
Aside from that, latest JOLTS report from the US Labour Department came forth as the US economy has long been battling a chronic shortage in raw materials and available workers, both of which were decaying growth and leading to a rise in inflation indicators, as the US Fed Chair Jerome Powell’s soothing remark that a latest leg of blistering inflation-surge would be ‘transitory,’ turns out to be a mere console.
Meanwhile, addressing to an increase in delta cases over third quarter of 2021 that had prevented people from seeking employment outside, a chief economist at FWDBONDS in New York, Chris Rupkey said, “There are help-wanted posters in every shop window on Main Street, and the lack of workers is exacerbating the supply disruptions throughout the nation that is lighting a match to the fire of inflation.
The labor market has already recovered”.
US voluntary quits hit record
According to US Labour Department’s latest JOLTS report, Americans had voluntarily quitted about 242,000 jobs in August, lifting the tally to a record 4.3 million with roughly 157,000 people quitting jobs in accommodation and food services.
With hiring posting the largest decline in more than eight months, job openings dipped 659,000 to 10.4 million in August.