Americans quit 39.6 million jobs in 2024, an 11% drop from 2023 and 22% below the 2022 peak, Labor Department data showed Tuesday, signaling an end to the post-pandemic job-switching frenzy. The monthly quit rate fell below pre-pandemic levels as workers faced diminishing options in a cooling labor market. Available positions per unemployed worker dropped to 1.1 from 2 in March 2022, while hiring declined to a monthly average of 3.5% in 2024 from 4.4% in 2021.

Total hiring fell to 66 million in 2024 from 71 million in 2023, though the job market remained stable. The unemployment rate held at 4.1%, with economists expecting steady job growth in Friday's upcoming labor report. The Conference Board's latest survey showed fewer respondents viewing jobs as plentiful compared to the early 2020s, with more reporting difficulties finding work.

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