The quit rate as a percentage of total US non-farm employment had been rising slowly but steadily since the end of the GFC. It made a series peak in August 2018 and then stabilised, with total quits roughly increasing at the same rate as non-farm employment.
Figures released as part of the most recent JOLTS report show the quit rate remained unchanged at a historically high level. During March, 2.3% of the non-farm workforce left their jobs voluntarily, the same rate as it has been since July after revisions to estimates of the total non-farm workforce. Quit numbers were highest in wholesale trade, “other services” and real estate rental/leasing sectors while the construction and accommodation/food services sectors recorded the largest falls. Overall, the total number of quits slipped from February’s revised figure of 3.447 million to 3.409 million.

Job openings rebounded from February’s noticeable drop. Total vacancies during March jumped from February’s revised figure of 7.142 million to 7.488 million, driven by additional openings in the transportation, warehousing/utilities, health care/social assistance and construction sectors. The finance/ insurance and non-durable goods manufacturing sectors recorded significantly reduced openings.