WalletHub ranks the 50 states and the District of Columbia by how often people leave the workplace.
As Americans resign at high rates during the so-called “Great Resignation,” even in the face of high inflation, WalletHub released its latest report today States with the Highest Job Quit Rates in 2023and expert reviews.
WalletHub ranks the 50 states and the District of Columbia by how often people leave the workplace. Below, you can see highlights from the report.
New York Job Resignation Statistics
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Turnover rate in the last month: 1.50%
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Turnover rate over the past 12 months: 1.76%
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Overall ranking: 2nd The lowest in the country
expert comment
How does falling labor force participation affect employers?
“Employers must be more flexible. For example, many employers continue to offer remote work, flexible hours and pay higher wages to attract employees. In other cases, employers have had to be flexible with their hours because they cannot staff businesses. And some, they had to shut down completely.”
Dr. Maurice E. Schweitzer – Professor, University of Pennsylvania
“According to two monthly surveys we conducted at Creighton University, the main effect was a sharp rise in ‘labour hoarding.’ That is, instead of laying off workers because of low levels of economic activity, employers kept workers on, but for fewer hours. , or less intense work. Not surprisingly, labor productivity in the first half of 2022 fell to its lowest level since 1947. In addition, employers are now more open to employees working in remote locations, including at home. Although this trend Some of this has been reversed, but a large proportion of employees still work in remote areas. This has had a significant negative impact on businesses located in large city centers across the country (e.g., commercial office rents fall, businesses catering to inner-city workers close).”
Dr. Ernie Goss – Professor at Creighton University
What, if any, are the economic implications of this workforce trend?
“It’s too early to say for sure. But it does seem to have multiple effects. Those who drop out of the labor force may stay out, which lowers potential output. On the other hand, a strong market attracts young workers and creates It builds human capital and opportunities for advancement, which is positive for the economy.”
Dr. Andrew Burnstine – Associate Professor, Lynn University
“High federal transfers will remain as much a part of U.S. workers as it has been for some time in Europe (e.g., the so-called social safety net). While non-work benefits have declined, they are still higher than pre-pandemic levels and continue to incentivize workers to remain outside the labor force. In addition, the youngest baby boomer generation, age 59, has not yet reached retirement age, so the proportion of workers entering retirement age remains high. As a result, the labor force participation rate will increase over the next 8 to It’s not going to be back to pre-pandemic levels for 10 years.”
Dr. Ernie Goss – Professor, Creighton University
Will this be a long-term problem, or will we see prime-age workers rejoining the workforce in 2023?
“Today’s economic conditions are unlikely to last until the end of 2023. We are headed toward dislocation, and I expect that by the fourth quarter of 2023, many workers may see a more difficult economic environment to re-engage in the labor force in 2023.”
Dr. Maurice E. Schweitzer – Professor, University of Pennsylvania
“Because there is no ‘crystal ball’ to accurately predict whether this will become a long-term problem, or who or how many workers will re-enter the workforce of prime-age workers in 2023, economists and statisticians will need to keep an eye on the U.S. and world What’s happening everywhere. And, with debt limit breaches and a possible (but unlikely) government shutdown, “all bets” are “all bets” on a sustainable and viable future workforce in 2023 and beyond.
Dr. Andrew Burnstine – Associate Professor, Lynn University
