High levels of workers quitting their jobs — dubbed the “Great Resignation” — may not be that rare after all, according to the latest Economic Letter from the Federal Reserve Bank of San Francisco.
“Evidence from both recent worker surveys and historical data on quits shows that the ‘Great Resignation’ is not as unusual as one might think,” wrote Bart Hobijn, a visiting fellow with the regional Fed’s research department and a professor of economics at Arizona State University.
The so-called quits rate, which measures voluntary job leavers as a share of total employment, remained near a record at 2.9% in February. Roughly 4.4 million Americans quit their jobs in the month, according to Labor Department data back to 2000.
