4.4 Million Americans Quit Work Last September
According to the Bureau of Labor Statistics (BLS), over 4.4 million Americans quit work in September of 2021.
Even though many returned to a different job or became self-employed, many did not. This left the job reports for the later quarters of 2021 to be much worse than expected.
Economists have scrambled to come up with explanations for this mass resignation, but none quite satisfactory.
The probable explanation is not one size fits all, but more nuanced.
It is not a secrete that many Americans are flush with cash due to generous government stimulus, this is a probable cause for mass resignation among many lower-income individuals.
But it is also no secret that since the Covid-19 outbreak in 2020, many larger employers have only gotten more stringent with regulation, many now imposing Covid-19 vaccine mandates. This is a likely cause for growing resignation among middle to higher-income individuals.
Al K. Scott, Joseph Hugh