The quit rate as a percentage of total US non-farm employment increased slowly but steadily from the end of the GFC. It peaked in August 2018, stabilised and then remained largely unchanged through the remainder of 2018 before it hit a new peak in July 2019.
Figures released as part of the most recent JOLTS report show the quit rate has pulled back from record levels. 2.3% of the non-farm workforce left their jobs voluntarily in August, down from 2.4% in July. The modest slowdown comes after registering 2.3% in each of the previous months from June 2018 through to June 2019.
Quit numbers were highest in the durable goods and real estate (rentals and leasing) sectors while the professional/business services and “other” sectors recorded the largest falls. Overall, the total number of quits for the month decreased from July’s revised figure of 3.668 million to 3.526 million in August. July’s total quits were revised up by 76,000.
* August