Rising Quit Rates Signal Economic Trends: Alaska, Montana, and Wyoming See Highest Numbers

The latest data from the U.S. Bureau of Labor Statistics (BLS) shows that over 3.3 million U.S. employees quit their jobs in October, representing a quit rate of 2.1 percent of the workforce.

The highest quit rates were in Alaska, Wyoming, Montana and Indiana, while other states like Arizona and Nevada saw significant jumps from the previous month.

Why It Matters

The latest data from the BLS found significant trends in job quit rates across the United States. A higher quit rate suggests employees feel secure enough to leave their positions to search for better opportunities or better work-life balance. This trend may signal economic growth and job openings.

“Over the last two years, we’ve seen more Americans get frustrated with their current economic outlook in the form of an increased cost-of-living and fewer opportunities for advancement at their current employer,” Alex Beene, financial literacy instructor for the University of Tennessee at Martin, told Newsweek. “When you’re falling behind on your monthly bills and there’s no clear path to making more income in your current role, it’s easy to see why many are quitting and looking for better paying positions elsewhere.”

What To Know

The October 2024 quit rate of 2.1 percent marked an increase from 1.9 percent in September 2024 but a year-over-year decrease from 2.3 percent in October 2023.

States With the Highest Quit Rates

Several states had quit rates that far surpassed the national average of 2.1 percent.

• Alaska: 4.1 percent
• Montana: 3.4 percent
• Indiana: 3.2 percent
• Wyoming: 4.1 percent

What Happens Next

Are you thinking of quitting your job? Before you take the leap, ensure that you have a plan for a smooth transition. Here’s a list of things you should consider:

1. Financial cushion: Create an emergency fund and save at least three to six months’ worth of living expenses to support yourself during any transition period. To get the most out of your fund, consider keeping it in a high-yield savings account.
2. Budget adjustment: Reevaluate your budget to account for changes in income and expenses after leaving your job.
3. Health insurance: Explore options for continuing your health coverage, such as COBRA, a spouse’s plan or marketplace insurance.
4. Understand your benefits: Review your employment contract for information on unused vacation days, 401(k) plan, bonuses or stock options to which you may be entitled.
5. Update your resume and online profiles: Refresh your resume, LinkedIn and other professional profiles to reflect your latest accomplishments.
6. Secure references: Before reviewing job openings, identify colleagues or supervisors who can provide positive references for future job opportunities.
7. Legal considerations: Check for noncompete clauses or confidentiality agreements that could affect your future employment.
8. Have a plan: Outline your next steps, whether it’s a new job, further education, starting a business or taking a work sabbatical.