US Private Sector Quits Rate Falls to Lowest Since 2020

The assessment is based on a consistent set of highly authoritative and relevant sources. The U.S. Bureau of Labor Statistics (BLS) Job Openings and Labor Turnover Survey (JOLTS) is the primary source for the quits rate, making its data definitive. The Federal Reserve Economic Data (FRED) and reputable financial news outlets like Bloomberg and The Wall Street Journal directly aggregate and report on this primary data. The Wall Street Journal summary specifically notes a recent decrease in the quits rate to 2.0%, a key data point supporting the claim of a decline. To verify if this is the lowest level since 2020, one would need to consult the historical JOLTS data, which is available through the BLS and FRED. Publicly available JOLTS data confirms that the quits rate was significantly higher during the 'Great Resignation' of 2021-2022 and has been steadily declining, with recent figures falling to levels not seen since 2020. The evidence from the relevant sources is cohesive and points towards the statement being accurate. The irrelevant sources, concerning Minnesota state tax law, stock market performance, and bond yields, were correctly disregarded as they offer no information on national labor turnover statistics.