The labor market is experiencing a shift from mass quitting to "job hugging," with workers holding onto their jobs due to increased market instability and reduced job growth. The quit rate is notably low at around 2%, the lowest since 2016. This decline in job mobility is fueled by diminished confidence in job security, as indicated by surveys and workforce reduction plans from CEOs. Analysts suggest that job growth is now below 30,000 jobs per month, further discouraging workers from seeking new opportunities.
According to the Labor Department's latest Job Openings and Labor Turnover Survey, the share of workers voluntarily leaving their jobs remains low at around 2% this year. This is the lowest quit rate since 2016, aside from when the pandemic began in 2020.
'There was some momentum built up in January, but then the tariffs definitely gave a lot of pause to candidates,' DeCesaro added. 'There's so much market instability, and that just causes fear and doubt among candidates who may be waiting for warmer waters or more favorable market conditions.'
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