A new report from the U.S. Bureau of Labor Statistics states that more Americans are leaving their jobs.
Between September and October, the rate of employees quitting grew from 1.9 percent to 2.1 percent. The report shows that the rate of Americans being laid off was only 1 percent in October.
Quit rates were not consistent across all industries or geographic regions. The report shows that quit rates increased by 90,000 in the accommodation and food services industry, followed by private education and health services, which saw a 47,000 increase. Quit rates in the finance and insurance industry decreased by 19,000. The West saw 213,000 more resignations. However, resignations in the South decreased by 51,000.
Experts say that employees find it easier to secure new jobs as the labor market becomes more abundant in specific sectors.
Finance expert and CEO of 9i Capital Group, Kevin Thompson, said resignation rates typically increase toward the end of the year, especially in the hospitality and business sectors.
Jennifer Lee Magas, a communications professor at Nova Southeastern, said employees realize they have more leverage in the current workforce and are, therefore, weighing their options.
“Employees have realized they want more than just a paycheck; they want purpose, flexibility, and work-life balance,” Magas told Newsweek. “In a tight labor market, workers know they hold the upper hand, and they’re not afraid to walk away if their needs aren’t met.”
HR consultant Bryan Driscoll warned that the Trump administration may disrupt this trend.
“We have a new administration coming in, one that loudly prefers tipping the scales in favor of corporations,” Driscoll told Newsweek. “If we see the new administration roll back worker protections, making it tougher to jump ship, these recent trends could stall or even reverse.”
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