U.S. Quit Rate Falls Below Pre-2020 Levels As Labor Market Cools

American workers are leaving their jobs less frequently than they did during the labor market surge of 2021.

The U.S. private-sector quit rate has fallen to around 2.2%, signaling that employees are becoming more reluctant to switch jobs. This decline suggests a cooling labor market and a more cautious workforce, as workers prioritize job security.

Notably, the current quit rate has even slipped below the 2.5% level that prevailed before 2020.

Source: U.S. Bureau of Labor Statistics The Business Week Graphic

Notes: Monthly, Seasonally Adjusted