(New York, NY) — Workers are calling it quits less frequently, a possible sign that Americans aren’t confident in finding another job.
According to the Labor Department, Americans quit six-point-one million fewer jobs last year than in 2022, which is a decline of 12-percent. Just three industries, leisure and hospitality, government and healthcare, accounted for the bulk of job creation in 2023. Most economists say job openings right now are at a healthy level. The Federal Reserve uses this data to determine if there should be any additional rate hikes to help curb inflation.
There are about one-point-four open jobs for every unemployed person, and while not quitting as much, most workers aren’t being forced out either. Economists expect growth to cool significantly in 2024.
