The Big Quit seems to have shrunk.
The number of Americans quitting their job has fallen back to pre-pandemic levels for two months in a row now, a sign that worker confidence in finding a new gig may be starting to ebb.
The quits rate—the number of resignations as a share of total employment—came in at 2.3 % in August, according to just-released numbers from the U.S. Bureau of Labor Statistics. That’s the same level it was at in July. It’s also the same level the rate stood at in February 2020, right before the pandemic was declared.
In April 2022, however, it stood at 3%, right when The Great Resignation was a chief topic of conversation among employers and economists.
A lower quits rate historically has been a precursor to a recession, but this time is might not be a worrisome economic trend. Many workers are staying put today not because they fear they won’t find another job, but because employers have been offering higher salaries or increased flexibility in working conditions.
Job satisfaction, in fact, is at its highest level on record, according to The Conference Board. Overall contentment at the office in 2022 was the highest it has been since the group began tracking worker satisfaction in 1987.
“The largest gains occurred in ‘experience of work’ components such as work/life balance, workload, and performance review processes,” the group wrote. “Satisfaction with compensation and benefits components including health plans, bonus plans, and educational and job training programs also significantly improved in 2022 compared to a year ago.”
While the number of people quitting is lower, the number of new jobs on the market is on the rise. The latest Job Opening and Labor Turnover Survey, or JOLTS report, showed 9.6 million jobs open at the end of August, an increase from the 8.92 million job openings in July.
