A record 4.3 million workers quit their jobs in August, and that was up from 4.0 million in July. The numbers are troubling and no sector is immune from these realities.

In a recent New York Times article, author Ben Casselman notes that “The number of open jobs actually fell somewhat in August, to 10.4 million from a record 11.1 million in July, as the latest wave of the pandemic took a bite out of consumer demand, especially in the service sector. But the slowdown did little to ease the hiring logjam: There were more open jobs than unemployed workers in August. Openings were particularly elevated in the leisure and hospitality sector, where the number of people quitting was also highest. Economists said the spread of the more-contagious Delta variant of the coronavirus could be contributing to workers’ reluctance to return to work.” I’ll speculate that some of the “quitting” that occurred in the hospitality sector was due to seasonal help returning to school or the “end of the high season” in some places.

Whatever the causes—and there are many contributing factors to the situation we are presently experiencing—a great “sorting out” is most definitely underway. It’s too early to see how and when a new balance will be found. However, I continue to believe State Chamber members might be successful speaking directly to workers looking for new opportunities by contacting them directly via social media channels or more broadly through tele-town hall-like experiences. These are ideas we might test here at the State Chamber.

Delaware’s seasonally adjusted unemployment rate in August 2021 was 5.4%, down from 5.6% in July 2021. There were 26,400 unemployed Delawareans in August 2021 compared to 38,600 in August 2020. The US unemployment rate was 5.2% in August 2021, down from 5.4% in July 2021. In August 2020, the US unemployment rate was 8.4%, while Delaware’s rate was 7.9%. View report >

Source: Delaware Department of Labor

On Monday and Tuesday, we’ll receive a range of housing start and building permit data, followed by the Philadelphia Fed manufacturing index results for October and leading economic indicators for September.

This may be a light week for economic data, but it’s a very busy week for earnings reports and calls. On Tuesday, companies like Proctor & Gamble, Johnson & Johnson, Netflix, Halliburton, and Phillip Morris report. Tesla, PayPal, Verizon, AT&T, Honeywell, American Express, and Union Pacific are among the companies reporting this week.

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