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Workers called it quits less frequently in 2023 as Americans quitting jobs declined by 12% compared to the year prior, the Labor Department said Tuesday. In December alone, quits fell to the lowest monthly level in nearly three years, after adjusting for seasonal fluctuations. The trend is a dramatic divergence from the pandemic’s “Great Resignation” when resignations surged and companies faced labor shortages.

Most traditionally, the reports signal a slowing confidence in the labor market. The declining quit rate should limit how fast wages grow, as companies are less pressured to attract and keep workers, which may calm inflation numbers even further.

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