States Where the Most People Quit Their Jobs Last Month

Americans have been quitting their jobs in record numbers in recent months – a trend that shows few signs of slowing. According to a recent report from the Bureau of Labor Statistics, nearly 4.2 million Americans quit their job in July 2022, only slightly below the all-time high of 4.5 million reported in November 2021. 

A recent survey published by the Pew Research Center found that low pay and limited room for advancement were the most common reasons workers have been leaving their jobs. (Here are the states recovering the fastest from high unemployment.)

But whatever the explanation, the consequences are clear. Record-high quits are exacerbating the labor shortage in the United States and creating an existential crisis for many small businesses. And in some states, quit rates are far higher than the national average. 

Using data from the BLS, 24/7 Wall St. identified the states where the most people are quitting their job. States are ranked by the number of people who quit in July 2022 as a share of total employment. 

Nationwide, 2.7% of workers nationwide quit their jobs in July. In 30 states, the quit rate exceeded the national average. In these states, anywhere from 2.8% to 4.5% of workers quit their job in July.    

Though there are some exceptions, most states with higher than average quit rates tend to have lower unemployment rates – below the national average of 3.5%. Since quits do not include workers who retire, each of the 4.2 million workers who quit in July presumably plans to take another job. A stronger job market, therefore, may incentivize workers to look for better opportunities, while a weaker job market may deter quits. (Here is a look at the states where unemployment is at an all time low.)

Click here to see states where the most people quit their jobs last month.

Click here to see our detailed methodology.

Sponsored: Tips for Investing

A financial advisor can help you understand the advantages and disadvantages of investment properties. Finding a qualified financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to three financial advisors who serve your area, and you can interview your advisor matches at no cost to decide which one is right for you. If you’re ready to find an advisor who can help you achieve your financial goals, get started now.

Investing in real estate can diversify your portfolio. But expanding your horizons may add additional costs. If you’re an investor looking to minimize expenses, consider checking out online brokerages. They often offer low investment fees, helping you maximize your profit.

Source: Read Full Article