More people quitting jobs than ever

Americans are quitting their jobs in droves, voluntarily leaving work at the highest rate on record.

Nearly four million people quit their jobs in April, according to the Labor Department, a figure representing 2.7 percent of those employed. Records go back to 2000, but experts said they expect the numbers are historically significant. The hotel and restaurant quit rate was highest, at 681,000 quits.

Experts attribute the trend to a number of factors: A backlog from 2020, when millions fewer quit their jobs, potentially hanging on during uncertain times; a reluctance among some to return to the office; extended pandemic unemployment benefits combined with stimulus checks; suspended student loans; and a moratorium on foreclosures and evictions; a built-up cushion of savings due to lower spending opportunities last year and a glut of job opportunities as businesses reopen, putting employees in a position to negotiate and/or seek greener pastures.

The quit numbers are expected to taper, though probably not until later in the year. Meanwhile, employers are becoming creative, enticing potential hires not only with higher wages but with unique incentives and benefits. These include educational and training opportunities for employees and family members, hotel stays, swag related to the industry, and more.