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Less hiring, less firing, and less quitting. The dynamism of the U.S. labor market—how often workers switch jobs in pursuit of better opportunities—has slowed sharply over the past two years. In the summer of 2022, a record 4.3 million workers quit their jobs each month. Now, just 3.3 million workers quit in late 2024 – which is nearly 200,000 fewer workers quitting compared to before the pandemic. If the labor market is a game of musical chairs, the music has certainly stopped. Workers who once moved quickly to claim a better seat now seem content to stay put.