For months, Americans have been quitting their jobs in record numbers. Quits hit an all-time high of 4.5 million in November 2021 and have hovered near that mark every month since. While monthly quits remain at historic highs, in much of the country, what some have called the Great Resignation, may be showing signs of slowing.
According to the latest numbers from the Bureau of Labor Statistics, 4.27 million Americans quit their job in March 2022, a 1.3% decline from the previous month. In some states, the month-over-month decline was far more pronounced.
Using data from the Bureau of Labor Statistics, 24/7 Wall St. identified the states where quits are declining the fastest. The 30 states with declining quits are ranked by the percentage change in the number of total quits between April 2022 and May 2022, the most recent months of available data.
Among the 30 states, month-over-month declines in quits range from 1% to over 20%. It is important to note that in many of these states, quit rates – the number of quits as a share of the total labor force – remains historically high. In most states on this list, the number of people who quit their job in May is higher than the number who quit in May 2021.
Explanations for high quit rates vary, but according to a recent survey published by the Pew Research Center, low pay and limited room for advancement were among the most commonly cited reasons. (Here is a look at 25 jobs with the fastest rising wages.)
The precise reasons for falling quit rates in the states on this list are less clear, though many Americans may feel financial pressure from historically high inflation and soaring cost of living. (Here is a look at nine items not to buy to fight inflation.)
Sponsored: Tips for Investing
A financial advisor can help you understand the advantages and disadvantages of investment properties. Finding a qualified financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to three financial advisors who serve your area, and you can interview your advisor matches at no cost to decide which one is right for you. If you’re ready to find an advisor who can help you achieve your financial goals, get started now.
Investing in real estate can diversify your portfolio. But expanding your horizons may add additional costs. If you’re an investor looking to minimize expenses, consider checking out online brokerages. They often offer low investment fees, helping you maximize your profit.