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JOLTS Quits Rate Dip Heavily Focused In Leisure & Hospitality

US DATA
  • The private quits rate fell 0.1pp from 2.85 to 2.74% in March but monthly declines were heavily concentrated in accommodation & food services (-1.3pps to 4.7%) and mining & logging (-0.6pps to 2.3%).
  • The former, which makes up the bulk of the leisure & hospitality sector, is the lowest since Nov’20 but remains 0.4pps above its Feb’20 level.
  • Previous declines in the quits rates have been relatively broad based but this month saw the opposite, with 6 rather than 7 sectors seeing quit rates below immediate pre-pandemic levels.
  • Similarly, the private quit rate ex leisure & hospitality sector actually nudged up very slightly from 2.47 to 2.50.

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