By Victor Skinner | The Center Square contributor
A record 300,000 Louisiana workers quit their jobs through the first five months of 2022, including about 60,000 in May, according to the U.S. Bureau of Labor Statistics.
The May jobs data detailed in the “State Job Openings and Labor Turnover Summary” released Wednesday marks the third consecutive month of more than 60,000 Louisiana workers quitting their jobs.
The seasonally adjusted data shows the 60,000 Louisiana workers who quit in May is a decline from 63,000 in March, but the 60,000 mark is significant in that it’s only the fourth time in the last decade Louisiana has reached that threshold, with all four times occurring since September, the Daily Advertiser reports.
The reality in Louisiana follows a national trend, and the Bayou State is among the top third of states with a resignation rate of 3.3% over the last year, according to a WalletHub analysis published Wednesday.
“Millions of Americans are quitting their jobs each month, even in the face of rising inflation,” WalletHub reports. “The incentives available from changing jobs, as well as a desire to get away from careers impacted most by COVID-19, are two big factors driving what’s been dubbed the ‘Great Resignation.’ As a result, new job applicants have a lot of leverage.”
The WalletHub analysis places Louisiana 15th nationally for its resignation rate. Alaska topped the list with a rate of 4.18% over the last year, while the District of Columbia’s 1.93% rate was the lowest.
The U.S. Bureau of Labor Statistics data show seven states posted decreases in resignation rates and two posted increases between April and May, while the national rate was little changed.
While the number of Louisiana workers quitting their jobs is at an all-time high, the number of nonfarm job openings has steadily grown from 146,000 in February to 160,000 in May.
Louisiana’s job openings rate of 7.7% makes it one of only eight states with rates above 7.6%. Nationally, the rate is 6.9%. Louisiana’s 36.8% increase in job openings over the last year is among the biggest in the nation, behind only California and Massachusetts.
Hiring, meanwhile, has remained fairly consistent in 2022 with 98,000 hires in February, 99,000 in March, 88,000 in April, and 92,000 in May.
Unsurprisingly, layoffs and discharges are at record lows, with 19,000 in May at about the same level as May 2021.
The 91,000 workers fired or laid off across the state so far in 2022 is about 20,000 fewer than through the first five months of 2021, according to the Daily Advertiser.
Louisiana’s total separations for May was 84,000, the same figure as a year ago. That number was 80,000 in February, 87,000 in March, and 83,000 in April.