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  • 24/7 Wall St.

    The Industry American Workers Are Leaving in Droves

    By Sam Stebbins,

    2024-07-22

    This post includes affiliate links. If you purchase anything through these affiliated links, 247wallst.com may earn a commission.

    https://img.particlenews.com/image.php?url=2CCQ0P_0uZPrnDr00 For much of the COVID-19 pandemic, Americans were voluntarily leaving their jobs at historically high rates. The era, commonly known as the Great Resignation, lasted for just over two years -- from early 2021 until summer 2023. More than 117.8 million quits were reported during that period, with as many as 3% of the U.S. workforce walking off the job each month.

    Since falling to 2.3% in July 2023, quit rates have remained at pre-pandemic levels. As of May 2024, the latest month of available data from the Bureau of Labor Statistics, the national quit rate stood at 2.2% -- unchanged from the previous month. But while the volume of employee turnover has more or less normalized across the U.S. economy, there are still several industries where quit rates eclipse those reported at the height of the Great Resignation.

    Using BLS data from the Job Openings and Labor Turnover Survey , 24/7 Wall St. identified the industries people are quitting the fastest. We ranked 24 public and private sector industry classifications from the BLS on the share of workers who quit in May 2024. It is important to note that resignation data from May 2024 is preliminary, and may be subject to later revisions, and that certain industries may overlap with one another.

    Among the 24 industries on this list, quit rates in May 2024 range from 0.5% to 4.1%. The only two industry classifications with quit rates below 1% on this list are the federal government at 0.5%, and state and local government at 0.9%. While public sector jobs do not typically pay as well as positions in the private sector with comparable education and experience requirements, these positions often have relatively good benefits, including retirement pensions -- a perk that has all but disappeared from the private sector. (Here is a look at the states with the best and worst working conditions .)

    Meanwhile, the three industries with the highest rates of attrition -- ranging from 3.1% to 4.1% -- tend to be those where most jobs are customer-facing and low-paying, with minimal educational requirements. These industries, which include retail trade and food services, are often staffed by those entering the workforce for the first time, or workers looking for temporary employment. (Here is a look at the U.S. cities with the least experienced workers. )

    Why It Matters

    https://img.particlenews.com/image.php?url=3FGGQu_0uZPrnDr00

    The decision to quit is typically tied to personal circumstances, but in certain industries, workers are far more likely to leave their job than in others. A Pew Research study published in the middle of the Great Resignation found that the most commonly cited reasons for quitting were low pay and limited opportunities for advancement. Now, even as attrition rates have returned to normal, the industries with the highest employee turnover tend to be low-paying and offer little in the way of career development.

    24. Federal government https://img.particlenews.com/image.php?url=4NukwA_0uZPrnDr00

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