Turnover Rates Dip Below Pre-Pandemic Levels in Some Sectors, While Others Still Struggle to Retain Workers

Turnover remains high in some industries like personal care and trucking as workers quit for better pay, while it has dipped below pre-pandemic levels in retail and professional services.

Industries with high turnover are generally offering bigger raises to hire and retain workers, presenting a dilemma for the Fed hoping to cool inflation.

At the peak of the Great Resignation, a record 4.5 million workers a month were quitting, but it has since fallen back near pre-pandemic levels as the job market cools.

Wage growth has slowed in sectors like manufacturing, construction, and professional services, encouraging fewer workers to switch jobs.

Industries like retail and mining/logging have seen quit rates dip below pre-COVID levels, as many workers already found better jobs and have less reason to jump ship now.