A record number of U.S. workers decided to quit their jobs last month though the economy has been reopening from the earlier pandemic-related lockdown.
The U.S. Bureau of Labor Statistics released a report on Tuesday, Oct. 12, showing that 4.3 million Americans left their jobs in August, a record high.
In August, the number of job quits increased 2.9%, or 242,000, from the previous month, which includes 157,000 workers in accommodation and food services, 26,000 in wholesale trade, and 25,000 in state and local government education. However, quits decreased 23,000 in real estate and rental and leasing.
The report indicated that the businesses were lowering their hiring. The number of hires in August decreased by 4.3%, or 439,000, to 6.3 million.
However, job openings also declined sharply after seven consecutive months of massive increases. The bureau announced that employment vacancies fell 6,6%, or 659,000, from July to 10.4 million in August. This marks the first monthly decline of job openings since the beginning of 2021.
In August, the number of layoffs and discharges fell 0.9% to 1.3 million.
The statistics bureau said that the U.S. economy yielded a net employment gain of 5.9 million in a year ending in August 2021.