The U.S. Department of Labor reports quit rates reached 4.3 million in August, the highest ever recorded.
The quit rate measures the amount of people quitting their jobs without having a new job lined up. Economist Danny Court with Scottsdale-based Elliott Pollack and Company says this suggests a strong labor market that favors workers.
“There are employers just clamoring for workers and there seems to be just pent up demand for that. And so, these workers have a choice. So they can quit their job if they don’t like where they’re at and find a better position somewhere else," Court said.
Court says the labor shortage has prompted predictions of wage pressure, which could lead to an increase in wages.
