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Growing Dispersion In JOLTS Quit Rates By Industry

US DATA
  • Digging further into the JOLTS quits data, it’s worth noting that the private quit rate surprisingly increasing 0.1pt to 3% was helped by a 1pt jump higher in “transport, warehousing & utilities” to a new high of 3.9%.
  • Instead, a median quit rate by main industry dipped a tenth further to 2.0% in Nov, in line with the 2019 average having cooled from nearer 2.5% in Aug/Sep.
  • Overall quit rates remain higher than pre-pandemic due to outsized increases in the above transport+ category and accommodation & food services, but the median shows that this is becoming less widespread with four industries now seeing lower quit rates, which could potentially help moderate wage pressures.

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