The ‘Great Resignation’ is coming to a close

The economist dubbed “Great Resignation” of 2022, which saw people voluntarily quitting their jobs in record numbers, is trending back down to normal numbers.

This surging of quitting began once the pandemic lockdowns started to subside. The trend peaked last year when an average of 4.2 million Americans quit their job each month — over half a million more than the average in 2019. Recent labor department data shows the trend coming to an end. This year, the monthly average dropped to 3.8 million, which is only slightly higher than the average of all monthly data since 2018.

The quit drop-off rate is larger in Arizona. Voluntary quits peaked in June of last year at 129,000. This past September about 83,000 Arizonans voluntarily quit their job, a drop of over a third.

This puts Arizona in 13th place for the steepest drop in quits since its peak. Quit rates are generally higher in east and west coast states. The biggest declines are happening in Maine, Massachusetts, Connecticut, and California. Notable declines are also occurring in Florida and Georgia.

The quit rate is not falling at an equal pace for every industry. Those with the steepest declines are mostly stable, high-paying, high-benefit industries. Mining and logging, construction, and real estate are seeing the biggest drop in quits. Both state and local government as well as wholesale trade are all seeing declines of over 40% since their respective peak.

On the opposite end, industries with generally higher turnover are seeing the smallest declines in quit rates. Leisure and hospitality, food services, and arts and entertainment top the list. Education and healthcare are also seeing lower rates of decline compared to other industries.