The Job Openings and Labor Turnover Survey (JOLTS) reports data collected from businesses regarding job openings and separations in the U.S. The report is perceived as an important piece of the labour market picture as it measures unmet demand for labour.
One interesting segment of the report is the “quits” rate. This figure is calculated by taking the number of employees who voluntarily leave their jobs as a percentage of the total number of (non-farm) employees. Understandably, over time it provides a guide to pressure on employers to raise wages in order to attract or keep employees. The U.S. Fed is said to pay it some attention because of its implications for inflationary pressures.
In October 3.18 million employees quit their jobs, the same as in September. The overall quit rate remained steady at 2.2%, with the accommodation/food services sector responsible for the highest percentage rate (4.2%) of voluntary separations. The retail trade sector was next (2.9%) while Federal Government employees had the lowest quit rate (0.5%).