The quit rate as a percentage of total US non-farm employment has been rising slowly but steadily since the end of the GFC. It is now close to its peak reading.
Figures released as part of the most recent JOLTS report show the quit rate has remained stable for a fourth consecutive month. During January, 2.3% of the non-farm workforce left their jobs voluntarily, the same rate as in December, November and October after rounding to one decimal place. Quit rates were highest in the accommodation/food service and in the professional/business services sectors while the finance/insurance and health care sectors recorded the largest falls. Overall, the total number of quits increased from December’s revised figure of 3.39 million to 3.49 million.
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Job openings increased as well. Total vacancies during January increased from December’s revised figure of 7.48 million to 7.58 million, led by increased openings in the wholesale trade and real estate sectors. Openings in the “other services” (maintenance and servicing), retail trade sectors, professional/business services and art/entertainment sectors all fell.