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, stabilised and then remained largely unchanged through the remainder of 2018 and into 2019 at a historically-high level. Despite international factors casting doubts on future economic conditions, the latest figures are yet to show signs of significant change in the domestic US economy.
Figures released as part of the most recent JOLTS report show the quit rate has remained largely unchanged in June. 2.3% of the non-farm workforce left their jobs voluntarily, a rate which has remained unchanged after rounding since June 2018. Quit numbers were highest in the construction and hotels/associated food services sectors while the transportation, warehousing/utilities and “other” sectors recorded the largest falls. Overall, the total number of quits fell from May’s revised figure of 3.478 million to 3.433 million in June.
Total job openings fell but May figures were revised up by 12,000 and so the fall was not a consecutive one. Total vacancies during June fell by 36,000 from May’s revised figure of 7.384 million to 7.348 million, driven by reduced openings in the hotels/associated food services sectors, “other” and construction sectors. Additional openings in the retail trade and real estate sectors provided some offset to the overall fall but, overall, 11 out of 18 sectors experienced fewer job openings than in the previous month.