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. The latest report has not changed this picture.
Figures released as part of the most recent JOLTS report show the quit rate has remained unchanged in May. 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, retail trade and state education sectors while the professional/business services and healthcare sector recorded the largest fall. Overall, the total number of quits slipped from April’s revised figure of 3.516 million to 3.425 million.