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IPFS News Link • Employee and Employer Relations

People Are Quitting Their Jobs at a Record Rate: What's Going On?

• https://mishtalk.com, By Mish

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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