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. It has tracked sideways since then.
Figures released as part of the most recent JOLTS report show the quit rate has been maintained at just under the record levels reached in July and August. 2.3% of the non-farm workforce left their jobs voluntarily in November, the same rate as in September and October and much of the latter part of 2018 and the first half of 2019.
Quit numbers were highest in the retail trade sector while the “other”, accommodation/food services and construction sectors recorded the largest falls. Overall, the total number of quits for the month increased from October’s revised figure of 3.497 million to 3.536 million in November.
Total job openings fell significantly even before October’s figure had been revised up by 94,000. Total vacancies during November decreased by 561,000 from October’s revised figure of 7.361 million to 6.800 million, driven by large reductions in the retail and construction sectors. Additional openings in the “health care/social assistance” and information sectors provided some modest cushioning effects. Overall, 12 out of 19 sectors experienced fewer job openings than in the previous month.