Does New York Have the Highest Resignation Rate in the Country?
How many New Yorkers have quit their jobs in a blaze of glory? The answer might shock you.
Roughly 250,000 Americans have walked off their job last month, keeping national quitting rates at a historically high level. Of course, this nationwide trend is making talking heads float buzzwords like the "Great Resignation," "Quiet Quitting" and "Rage Applying."
While most Americans leave their jobs because they were unsatisfied with their pay or working conditions, the stark increase of walk-offs is raising economic concerns.
A big red flag is that job openings outnumber unemployed people for virtually the first time in decades. Economics say Americans are leaving their current jobs in record numbers, typically because their new employer is offering them better pay.
Meaning the days of careers at a singular company are probably long gone.
Said the U.S. Chamber of Commerce:
We have a lot of jobs, but not enough workers to fill them. If every unemployed person in the country found a job, we would still have around 4 million open jobs.
Economists say if the labor shortage continues, it'll rock the nation's rate of inflation and economic outlook. In short: if the U.S. doesn't find enough workers to plug all the holes, the economy may never recover.
How high is New York's resignation rate?
With that out of the way, let's train our lenses on the Empire State and how it's doing with the labor shortage.
According to a new national survey, New Yorkers overwhelmingly like their jobs and are staying with them, which is bucking the current national trend.
WalletHub released its annual report of the states with the highest resignation rates and found New York has the third lowest. The survey covered all 50 states and the District of Columbia.
The Empire State's resignation rate for June, based on most recent federal data, stands at 2 percent. Over the past 12 months, that number was at 1.75 percent.
The two other states to perform better than New York were New Jersey and Massachusetts, respectively.
New Jersey's resignation rate for the month of June was 1.7 percent, versus the 1.6 percent recorded in Massachusetts.
What were the 5 worst states?
According to WalletHub, the states that had the highest resignation rates weren't contained to a singular region on the map. In fact, the top five states were all over the continental U.S., with only two being relatively close to one another.
Based off their resignation rates, here are the five worst states when it come to keeping employees.
And while resignation rates are posing a threat to their economies, WalletHub suggests this could translate to big payouts for workers looking for new surroundings.
Workers in states with a bigger labor shortage have more leverage in negotiating favorable terms of employment.
Were you surprised by these findings? Let us know!