Disruptions in the Labor Market
• The BLS job openings rate reached 7% in 2022, far surpassing its previous
high of 4.5%. There are now roughly 2 open jobs for every unemployed
worker.
0%
1%
2%
3%
4%
5%
6%
7%
8%
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
US Job Openings Rate
All Jobs
Source: BLS
0%
1%
2%
3%
4%
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
US Quits Rate
All Jobs
• The BLS quits rate remains around 3% in 2022, the highest level
since data collection began 20+ years ago. Roughly 4 million
workers are quitting every month.
Demand for workers is a historic high level and workers are quitting jobs at record rates
