With almost 11.3 million job openings in January and the level and rate of quits near record highs, employers in some industries are struggling to hire employees as fast as they are leaving for other work.
The quit rate for all of 2021 was a record 32.7%, accounting for 70% of all separations in 2021. Quit rates in accommodation and food services (70.7%), retail trade (50.6%), and professional and business services (40.5%) were among the highest. Finance and insurance had the lowest quit rate (16.0%) in 2021.
Some industries had hiring rates over 50% with accommodation and food services (101.2%), professional and business services (69.5%), and retail trade (67.5%) struggling to hire employees as fast as they were leaving.
2022 outlook: The first half of 2022 is likely to be as difficult as 2021 was for employers despite high pay and enhanced benefits. However, as high inflation and rising interest rates slow economic growth, the quit rate is likely to fall as employees look for job security.
