quittin' time

Americans are once again quitting their jobs at a growing rate

The increased quits rate is the opposite of what the Fed wants to see
Walking out.
Walking out.
Image: Jessica Rinaldi (Reuters)
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Americans wrapped up 2022 by quitting more. The overall quits rate grew in November after staying steady or declining for nine months, according to new data from the US Bureau of Labor Statistics.

The overall quits rate climbed from 2.6% in October to 2.7% in November. Quits in the private sector hit 3% again, an increase from 2.9% the previous month. Job openings also remained steady from October to November at 10.5 million.

This is the opposite of what Federal Reserve Chair Jerome Powell has said he wants to see in the labor market. Throughout 2022, Powell noted that the Fed would like to see job openings and quits decrease and wage growth slow down in order to help bring down prices. 

Still, the labor market is cooling off in some aspects. The hiring rate fell from 4% in October to 3.9% in November. That trend is likely to continue as
recession fears weigh on employers—or as they simply become satisfied with their staffing levels after hiring sprees.