A record number of U.S. workers quit in August, potentially signaling more trouble ahead for businesses already struggling to fill some 10 million open jobs. The government reported U.S. job openings fell in August from an all-time high, but even more noteworthy was a record number of people leaving their jobs. The so-called quit rate climbed to 2.9% overall and 3.3% for private-sector employees. Both are the highest figures on record since the government began to keep track in 2000. Altogether, a record 4.27 million people quit their jobs in August. By contrast, just half as many had quit during the early stages of the pandemic.
According to the Labor Department consumer prices increased slightly more than expected in September as food and energy price increases offset declines in used cars. The consumer price index for all items rose 0.4% for the month. On a year-over-year basis, prices increased 5.4% vs. the estimate for 5.3% and the highest since January 1991.
The parent company of Portland-based Umpqua Bank is selling to Columbia Bank in a $5.1 billion deal that will keep the Umpqua brand and split the business’ headquarters between Tacoma and the Portland area. Both stocks were lower on the news.