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 slowed from the record levels reached in July and August. 2.3% of the non-farm workforce left their jobs voluntarily in September, down from August’s revised figure of 2.4%. The slightly-lower rate marked a return the same 2.3% growth rate which was present in each of the months from June 2018 through to June 2019.
Quit numbers were highest in the professional/business services, durable goods and non-durable goods sectors while the accommodation/food services, retail trade and real estate/rental/leasing sectors recorded the largest falls. Overall, the total number of quits for the month decreased from August’s revised figure of 3.601 million to 3.498 million in September. August’s total quits were revised up by 75,000.
Total job openings fell, even before August’s figure was revised up by 250,000. Total vacancies during September decreased by 277,000 from August’s revised figure of 7.301 million to 7.024 million, driven by large reductions in the “health care/social assistance” and retail trade sectors. Additional openings in the transportation, warehousing and utilities sector and information sectors provided some modest offsetting effects. Overall, 10 out of 19 sectors experienced fewer job openings than in the previous month.