Record number of Americans quit jobs in November 2022

Source: Crain’s Chicago Business

“A record 4.5 million Americans quit their jobs in November while openings remained elevated, highlighting persistent churn in the labor market. The increase in departures was broad across industries and pushed the quits rate up to 3%, matching the most in data back to 2000. Meanwhile, the number of available positions fell to 10.6 million from an upwardly revised 11.1 million in October, the Labor Department’s Job Openings and Labor Turnover Survey, or JOLTS, showed Tuesday. … The unprecedented level of quits—including a record 1 million in leisure and hospitality alone—suggests a lingering struggle for employers to retain talent. Meanwhile, the month’s increase in hiring showed companies were able to make at least some headway filling vacancies.” (01/04/22)