Quits Sink to Lowest Level Since Pandemic as Job Openings Rise
Analysis of Quits and Job Openings
The number of people quitting their jobs fell to just over 3 million in November, the lowest level since summer 2020. This decrease coincides with a rise in job openings, which reached 8.1 million, up from 7.8 million in October. These numbers reflect a notable shift in the U.S. employment landscape, characterized by fewer individuals leaving their posts.
Employment Trends Revealed
Economists have pointed to a broader cooling trend in employment conditions throughout 2023. Elizabeth Renter, a senior economist at Nerd Wallet, noted that the pace of job openings has moderated, showing a year-over-year decrease from 5.4% to 4.8%. Hiring and quitting rates are also experiencing a slowdown, underscoring the changes in the labor market.
Economic Insights
- Job openings are favorable for workers, according to Mark Hamrick from Bankrate.
- Despite the rise in openings, overall employment rates are cooling.
- The unemployment rate has edged up to 4.2%, a rise from 3.4% last year.
Looking Ahead
As we await the upcoming jobs report, it's crucial to monitor these employment statistics, especially with the recent drop in jobless claims to the lowest level in eight months.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.