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 peaked 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 has remained unchanged at a historically high level. During April, 2.3% of the non-farm workforce left their jobs voluntarily, the same rate as it has been since June 2018 after revisions to estimates of the total non-farm workforce. Quit numbers were highest in the real estate rental/leasing, “other services” and accommodation/food sectors while the healthcare and professional/business services sectors recorded the largest falls. Overall, the total number of quits slipped from March’s revised figure of 3.461 million to 3.482 million.