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Drudge Retort: The Other Side of the News
Saturday, October 23, 2021

Farhad Manjoo: [I]n the United States, a record nearly 4.3 million people quit their jobs in August, according to the Labor Department, and more than 10 million positions were vacant -- slightly down from July, when about 11 million jobs needed filling. The shortage of workers has led to a growth in wages that has surpassed many economists' expectations, and seems to have discombobulated bosses who are used to employees leaping at their every demand.

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... a record nearly 4.3 million people quit their jobs in August ...

Related...

Covid Early Retirees Top 3 Million in U.S., Fed Research Shows
www.bloomberg.com

...More than 3 million Americans retired early because of the Covid-19 crisis, new research found. That equals to more than half of the workers still missing in the labor force from pre-pandemic levels.

The estimate, calculated by St. Louis Federal Reserve economist Miguel Faria-e-Castro, suggests that the boom in early retirements shows no sign of abating. Back in April, government surveys suggested that 2.7 million Americans age 55 or older were contemplating retiring sooner than they'd imagined.

The surge in stocks and housing values during the pandemic has made it possible for young baby boomers with a nest egg to stop working....


#1 | Posted by LampLighter at 2021-10-23 01:23 PM | Reply

"a record nearly 4.3 million people quit their jobs in August, according to the Labor Department, and more than 10 million positions were vacant -- slightly down from July, when about 11 million jobs needed filling"

This math confuses me.
Did 5.3 million people get hired in August then?

#2 | Posted by snoofy at 2021-10-23 01:35 PM | Reply

@#2

Could the number of vacant positions decline due to reasons other than they were filled by people being hired?

Maybe, e.g., vacant positions declined because the companies offering the positions closed?

#3 | Posted by LampLighter at 2021-10-23 01:55 PM | Reply

"Could the number of vacant positions decline due to reasons other"

Don't you think that would be news in the business community though?

"In August shock, America's employers scale back hiring plans by 25%." We'd never hear the end of blaming Joe Biden for that!

#4 | Posted by snoofy at 2021-10-23 02:05 PM | Reply

@#4

I just try to explain the numbers, not the business community news. :)

#5 | Posted by LampLighter at 2021-10-23 02:16 PM | Reply

@#4

OK, I think I found the issue - it is a misinterpretation of what was said.

The op-ed cited in the summary has a link to a Reuters article. ( www.reuters.com )

In that Reuters article ...

...Quits increased by about 242,000 in August, lifting the total to a record 4.3 million. There were 157,000 people who quit in the accommodation and food services industry while 26,000 left in the wholesale trade business. State and local government education saw 25,000 departures....

So there weren't 4.3 million new quits in August, the new quits in August were 242,000, bringing the total to 4.3 million.


#6 | Posted by LampLighter at 2021-10-23 02:22 PM | Reply

Who would work at a restaurant when feral ------ punch you in the face for telling them to wear a mask?

#7 | Posted by LegallyYourDead at 2021-10-23 08:43 PM | Reply

I'm not sure anti-work is the proper description.

I have an excellent job right now, one where I have a good amount of PTO (pretty average), but I'm discouraged from working weekends (unless a deadline is approaching) and our CEO took the time in a company wide meeting to tell people if they hadn't scheduled a vacation yet do so soon (this was in June) as summer was the best time to disconnect and recharge. On top of that, they decided we were officially shut for the period from Christmas Eve to the first business day in the new year. Only essential maintenance work is to be done over that ten or so days. They basically added about a week and a half of PTO to my schedule for nothing.

All because they themselves value personal time with family, friends and just yourself. There isn't a culture whereby one is defined by how much work they get done for the most minimal compensation.

Pro-family/friends and -self health and wellbeing isn't the same as anti-work. Because of that the people I work with are happy, content with their work and don't have the usual bitterness and resentment they've tended to have in previous jobs I've held.

#8 | Posted by jpw at 2021-10-24 10:34 AM | Reply

Personally work is self full-filling as like being productive. Not everyone is 'born' to be a slacker.

#9 | Posted by MSgt at 2021-10-24 05:29 PM | Reply

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