Virginia
What Virginia’s low ‘quit rate’ could mean for the state’s economy
CHARLOTTESVILLE, Va. (WVIR) – Virginians are quitting their jobs less than most other Americans.
Data from the US Bureau of Labor Statistics shows Virginia’s “quit rate” is below the national average.
In Virginia, the number was 2%. One expert said this is a sign of a cooling down, but not necessarily a positive thing.
“The stability in the labor market, the slowdown in employment growth, is really probably a sign of overall cooling in the economy,” Virginia Tech Director of Center for Economic and Community Engagement John Provo said. “As the [Federal Reserve] does whatever they’re going to do later this month with respect to interest rates, these will be big statistics that they’ll take a look at.”
Provo said it has been smaller cities like Charlottesville leading job growth in the state, but he said this growth has been in sectors with lowering quit rates.
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