Americans Quitting Jobs Even as Savings Dry Up, Debt Grows

A rising number of Americans are quitting their jobs even as their savings deplete and personal debt rises. New data released by the Bureau of Labor Statistics shows the number of job openings in the United States grew unexpectedly during the month of August. Stressed business people at work. Growing financial stress affects Americans regardless of income level. Roughly 9.6 million job openings were listed in August, according to the BLS’s monthly Job Openings and Labor Turnover Survey, which was significantly higher than the anticipated 8.8 million openings from July. Carl Van Horn, the director of the Heldrich Center for Workforce Development at Rutgers University, told Newsweek, “The increase in job quitting is driven by historically low levels of unemployment. The surge in job openings creates opportunities for employed AND unemployed Americans to leave their current jobs and find better jobs that pay more or give them more flexibility for when and where they work.” Newsweek, October 3, 2023