Now, experts say the phenomenon is finished. Ten straight interest rate hikes by the Federal Reserve, slowing wage growth, stubborn inflation and mass layoffs in some industries may be causing Americans to stay put.
“The great resignation, by really any measure, is over,” said Nicholas Bloom, a professor of economics at Stanford University who studies labor economics. The combination of a tight labor market and structural change from the pandemic catalyzed job reshuffling over the past three years, he said. “But that’s moved into the window of history now.”
Data from the Bureau of Labor Statistics bolsters Bloom’s observation: The number of people quitting their jobs fell by 49,000 in April compared to March, according to the most recent numbers available from the Job Openings and Labor Turnover Survey.
In fact, the so-called “quits” rate has steadily declined since last spring and is now virtually identical (just 0.1% above) the pre-pandemic rate in February 2020. Essentially, quits are back to the 2019 pre-Covid average.
Had a good run.@CNN @knowledge_vital https://t.co/V4U5WUYMvS pic.twitter.com/VskpOmuHPy
— Carl Quintanilla (@carlquintanilla) June 13, 2023