Showing posts with label Georgia workers quitting. Show all posts
Showing posts with label Georgia workers quitting. Show all posts

Friday, January 21, 2022

Georgia workers showing more optimism than employers about the future

 Number of Georgia workers quitting their jobs reached a new high in November, 2021

The number of Georgians quitting their jobs in November rose significantly, while the number of job openings fell, indicating that workers are feeling more confident about their financial futures than employers are feeling about future business conditions.

The U.S. Bureau of Labor Statistics released information for November 2021 indicating that the number of job openings in the state fell by 33,000 positions or 0.6 percentage points, while job openings nationwide fell 0.4 points.

Employers posting job openings can be interpreted as companies’ optimism about future economic conditions, as employers will add workers when they expect sustained business activity.

Georgia workers leaving their jobs in large numbers

Total separations, which includes retirements, firings, layoffs, and voluntary quits, rose by 57,000 in Georgia or 1.2 points. Nationally, separations rose 0.2 points.

More than 90 percent of those separations occurred as the result of voluntary quits by workers. In Georgia, 53,000 quits were recorded in November an increase of 1.2 percentage points from October. For the nation, the number of quits rose by 0.2 percent.

The rate of workers quitting in Georgia remained far higher than for the nation as a whole, with 4.5 percent of the workforce quitting in the state compared to 3.0 percent nationwide in November.

Interpreting the data

Economists interpret the choice of workers to voluntarily leave their jobs as an indicator of people’s confidence in their economic future.

Worker turnover can mean large headaches for employers, as it adds to training costs and higher wages to retain staff.

Increased economic confidence by workers can also be an indicator of increased consumer spending, as workers more confident about their future also tend to increased their expenditures.

For employers, lower number of job openings can mean that employers are responding to workers quitting by filling fewer vacancies or by using other means, such as more automation, to meet business needs in lieu of hiring more staff.