New York (CNN Business)A record 4.5 million Americans voluntarily left their jobs in November, according to the Bureau of Labor Statistics.
This pushed the quits rate to 3%, matching the high from September.
Workers were most likely to quit their jobs in the hospitality industry, which had by far the highest quits rate at 6.1% in November, as well as those in health care. The numbers in transportation, warehousing and utilities also increased.
“Workers continued to quit their jobs at a historic rate. The low-wage sectors directly impacted by the pandemic continued to be the source of much of the elevated quitting,” said Nick Bunker, director of research at the Indeed Hiring Lab, in emailed comments.
The big question for 2022 is whether this dynamic will persist.
The Dow Jones Industrial average rose for a second day to start 2022 as investors bet on the kinds of stocks that would benefit from a robust economy this year despite the omicron threat.
Losses in tech shares that were big winners last year like Nvidia and Tesla, weighed on the broader market.
The Dow rose 250 points, or about 0.5%, and hit an intraday record on Tuesday. The S&P 500 also reached an intraday record, before turning lower as tech shares fell. It was last down 0.1%. The Nasdaq Composite shed 1.6% on the losses in tech shares.