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 approached its series peak in August 2018 but, since then, it has not increased any further.
Figures released as part of the most recent JOLTS report show the quit rate has remained effectively unchanged. During February, 2.3% of the non-farm workforce left their jobs voluntarily, the same rate as it has been since August after revisions to estimates of the total non-farm workforce. Quit numbers were highest in the education/health services and transportation, warehousing and utilities sectors while the professional/business services and “other services” sectors recorded the largest falls. Overall, the total number of quits slipped ever-so-slightly from January’s revised figure of 3.483 million to 3.480 million.
Job openings fell as well but the change was much more noticeable. Total vacancies during February dropped from January’s revised figure of 7.625 million to 7.087 million, well below market estimates of 7.566 million. Reduced openings in the accommodation and food services, real estate and health care and social assistance sectors led the way. The “other services” (maintenance and servicing) and the manufacturing of durable and non-durable goods sectors were the only ones to report increased openings.