The number of workers voluntarily quitting their jobs held at 3.2 million in November, with the quits rate unchanged at 2.0%. On a three-month moving average basis, the quits rate has been flat for more than a year. That's a dramatic shift from the "Great Resignation" peak in March 2022, when 4.5 million workers quit monthly and the quits rate hit 3.0%.
Meanwhile, hiring is collapsing. The hires rate fell to 3.2% in November—matching 2013 levels, the lowest rate outside of a recession. Job openings dropped to 7.1 million, the lowest since September 2024. The labor leverage ratio (job openings per unemployed worker) fell to 0.9 in November, the first time below 1.0 since March 2021. Translation: There are now more unemployed job seekers than available jobs.
Workers aren't quitting because the market has frozen. Low hiring means even if you quit, your odds of landing somewhere better are worse than they've been in years. Employers aren't opening positions, so workers are staying put—even if they're unhappy. According to ADP data, pay growth for job switchers fell from 7.1% to 6.6% in recent months, while pay growth for job stayers held flat at 4.4%. The incentive to quit has evaporated.
Why it matters for you:
- Your competitors' best people are trapped: Low quits don't mean workers are satisfied—it means they're risk-averse in a tight market. The talent you couldn't recruit 18 months ago is now recruitable if you move decisively.
- Retention got easier by accident, not design: If your turnover dropped, don't mistake frozen labor markets for effective management. Workers are staying because alternatives disappeared, not because you fixed retention drivers. When hiring picks back up, they'll leave.
- The contrarian recruiting window is open: While competitors assume "no one's moving," you can poach aggressively. Low quits mean high supply of disengaged-but-stuck talent. Reach out to people who would've ignored you in 2022.
Source: Bureau of Labor Statistics, Job Openings and Labor Turnover Survey (November 2025)
Watch this: Companies treating low quits as a retention victory are missing the signal. Workers stopped quitting because the market stopped hiring. The moment hiring recovers, pent-up flight risk will flood the exits. If you're not fixing retention drivers now while people are stuck, you'll pay for it later.
The contrarian play: Recruit now while everyone else assumes talent is frozen. Your competitors' best people are reachable, frustrated, and waiting for someone to make them an offer worth the risk. Low quits create opportunity—if you're the only one moving.