The Great Resignation is giving way to the 'Big Stay' as job-hopping slows down
Americans started job-hopping in earnest in 2021 and stayed strong through 2022. Between June 2021 and December 2022, over 4 million Americans quit each month.
"The days of a quits rate near 3% are behind us, or at least for the foreseeable future," Nick Bunker, the head of economic research at the Indeed Hiring Lab, told Insider. "The great resignation, as it came to be known, was fueled by abundant job opportunities, labor shortages, and big pay increases for workers who quit one job to take another," Richardson wrote."A year later, all three of these dynamics are abating, and the great resignation itself is looking like a thing of the past.". Richardson said the year-over-year percent increase in pay for job changers was"the lowest pace of growth since November 2021" in April.
Terrazas doesn't think we are going to see the quits rate plummet as fast as it soared on the way up. However, he said"it wouldn't be surprising to see it dip below trend either."
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