4.3 Million People Quit Their Jobs in January

About 4.3 million people quit their jobs in January at a rate of 2.8%, according to data from the Bureau of Labor Statistics. This number represented a slight improvement from December and November, though the number of quits is still soaring. Resignations in retail decreased by 69,000, and in information sectors by 20,000. These were offset by increases in finance and insurance. 1.4 million people were laid off in January at a rate of 0.9%, marking little change from December’s record low at 1.2 million. Layoffs and discharges in retail increased by 48,000 and decreased in the federal government by 12,000. In January, total nonfarm payroll employment rose by 467,000 jobs, while the unemployment rate edged higher to 4% from 3.9% in December, according to the U.S. Bureau of Labor Statistics. Employment growth was seen in leisure and hospitality, professional and business services, retail and transportation and warehousing. Retail trade employment rose by 61,000 jobs in January. There were 11.3 million job openings as of the last business day of January. For all of 2021, net employment rose 6.4 million, with hires at 76.4 million and separations at 70 million. As people quit their jobs, labor shortages are becoming an even bigger problem for retailers who

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