The “quits rate” hit a record 2.7% in April. Private workers quit at a record 3.1% rate.
Quits Levels and Rates
Quits Levels and Rates are part of the BLS’ monthly Job Openings and Labor Turnover report.
Quits are the number of quits during the entire month. The quits rate is the number of quits during the entire month as a percent of total employment.
The quits rates are at the highest level in the history of the series.
People are Just Quitting
The WSJ article Forget Going Back to the Office—People Are Just Quitting Instead caught my eye.
In April, the share of U.S. workers leaving jobs was 2.7%, according to the Labor Department, a jump from 1.6% a year earlier to the highest level since at least 2000.
The shift by Americans into new jobs and careers is prompting employers to raise wages and offer promotions to keep hold of talent. The appetite for change by employees indicates many professionals are feeling confident about jumping ship for better prospects, despite elevated unemployment rates.
While a high quit rate stings employers with greater turnover costs, and in some cases, business disruptions, labor economists say churn typically signals a healthy labor market as individuals gravitate to jobs more suited to their skills, interests and personal lives.
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Worker shortage spreads…
Forget Going Back to Office — People Just Quitting Instead…