The Labor Department’s Job Openings and Labor Turnover Survey (JOLTS), released Nov. 12, showed that 4.4 million U.S. workers quit their jobs in September, a record high. Montana has the second highest number of “quits” in the nation.
Nationally, the average rate of “quits” is 3 percent; in Montana the rate was 4.8 percent.
“Quits” reflects worker confidence in being able to find a better job. The voluntary separations data paint a picture of labor market tightness and growing pricing power of workers. While the labor situation poses opportunity for workers, it creates greater struggle for employers who are having trouble finding the workers they need and are having to increase the wages and benefits offered.
Some observers say that Montana may be impacted more than other states because it is so rural and it is easier for people to find work at home, making more per hour and being able to stay home with children. Average hourly earnings rose 4.9 percent in the year through October, the Labor Department said in a Nov. 10 release. But, with over-the-year consumer price inflation in October running at 6.2 percent—the highest rate in 31 years—wages actually contracted by 1.3 percent in real terms.
The unemployment rate in Montana is at a 14 year low at 3.1 %.
The National Federation of Independent Business (NFIB) said in a Nov. 9 report that a net 44 percent of small-business owners reported boosting wages to attract and retain staff, the highest reading in the 48-year history of the series.
Average hourly earnings rose 4.9 percent in the year through October, the Labor Department reported on Nov. 10, but with over-the-year consumer price inflation in October running at 6.2 percent—the highest rate in 31 years—wages actually contracted by 1.3 percent in real terms.
Among considerations recommended for employers:
—23% of American workers are planning to quit their jobs in the next 12 months
— Employers Should Rethink What They’re Offering Workers?
—For Smart Companies, Upskilling Is the Perfect Antidote to the Great Resignation – People stay at companies when they’re still learning.