"The great resignation has turned into the big stay"

A few weeks ago the CEO of ZipRecruiter said this on their earnings calls, “While in 2021 and 2022, workers left jobs for higher wages, wage inflation has abated and macro economic uncertainty has increasingly kept people in their current roles. With fewer job openings and lower employee turnover, the great resignation has turned into the big stay."

Well, in today’s January JOLTS report, the quit rate fell to the lowest level since January 2018 not including Covid. As for job openings, they were little changed from December at 8.863mm but the hiring rate ticked down to 3.6% after rising by 2 tenths in the month before, just off the lowest since 2017 also not including Covid.