"Job Quitting Declines as US Job Openings Increase: What It Means for Workers"

The latest jobs report revealed a concerning trend as the number of people quitting their jobs hit a four-year low, signaling a potential slowdown in the labor market. Economists believe this reluctance to quit indicates waning confidence in finding new employment and could lead to reduced wage gains. This trend, known as "grumpy staying," has emerged as job openings decrease and the labor market becomes more competitive, giving employees less leverage to negotiate better pay or benefits. Additionally, layoffs in tech and media companies have added to Americans' unease about the job market, and the Congressional Budget Office expects the unemployment rate to climb in the next 12 months as the economy feels the impact of the Fed's rate hikes.