(1/4/22) The latest statistics from the Bureau of Labor Statistics say a record 4.5 million quit their jobs in the month of November, 2021.
The categories featuring the most 'quits' were the hospitality industry as well as health care, followed by warehousing, transportation, and utilities. The quit rate was more than twice as high as layoffs/discharges.
Experts speculate the service and health care industries are more likely to result in quits due to concerns about COVID-19 exposure. Lower entry pay and a lack of opportunity for tips and advancements also impact the service industry.
The South recorded the highest quit rate, greatly eclipsing other sectors of the country. Nearly 1.9 million workers in the South quit their jobs, compared to 611,000 in the Northeast, 960,000 in the West, and 999,999 in the Midwest.
More details here: https://www.bls.gov/news.release/jolts.nr0.htm
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According to at least one on-line article, the current unemployment rate is nearly DOUBLE what they say it is.
In an article written earlier this week (here), the author says "the Bureau of Labor Statistics doesn't actually count the number of people who are employed/unemployed; they rely on a sampling survey of employers, which is more like an election poll than an actual measurement."
He goes on to say that the data collectors "ignore the 14.3 million contract/gig workers who are currently drawing emergency Federal unemployment via Pandemic Unemployment Assistance, and the 936,000 in the Pandemic Emergency Unemployment Compensation program."
Additionally, he writes "...even the 21% real-world unemployment rate doesn't reflect the full unemployment picture (which should include) previously full-time workers who have had their hours cut to part-time." He notes those tabulations aren't figured into the totals at all, yet they do exist.
And finally, a group that is often left out of the unemployment picture are small business owners who have closed. Those who are incorporated and paid unemployment insurance on THEMSELVES qualify for unemployment, HOWEVER, many owners didn't pay themselves as employees - and their status is uncertain and uncounted.
Ultimately, as the article clearly notes, while an unemployment figure of 12% is more than triple what it was less than 6 months ago...the ACTUAL number is much worse than reported.
If you already feel your financial situation is out of control...contact us for a FREE CONSULTATION for debt resolution and/or bankruptcy at (731) 423-1888. The law office of T. Verner Smith has helped thousands overcome financial problems, and can help you too. Call today!
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