In a worrisome sign of economic weakness, job hopping has significantly decreased and remains below pre-pandemic levels, particularly in key sectors, according to recent data. The data, compiled from the Bureau of Labor Statistics (BLS) Job Openings and Labor Turnover report, highlights continued sluggishness in job openings, hires, and separations.

The latest data, covering May 2024, reveals that the number of job openings remained relatively unchanged at 8.1 million compared to the previous month. However, this measure reflects a decline of 1.2 million job openings over the year. The accommodation and food services sector experienced a notable decrease of 147,000 job openings, while private educational services saw a decline of 34,000. On the other hand, state and local government, excluding education, witnessed an increase of 117,000 job openings, along with durable goods manufacturing (+97,000), and federal government (+37,000), seemingly linked to handling the surge in immigration.

The weakness in the accommodation and food service sector is particularly striking, suggesting challenges in the industry's recovery from the pandemic. In May, the number of hires remained relatively stable at 5.8 million, marking a decline of 415,000 hires over the year.

The report also highlights separations, which encompass quits, layoffs, and discharges. Quits, which are voluntary separations initiated by employees, reveal important insights into workers' willingness or ability to switch jobs. Notably, quits in the accommodation and food service sector, as well as in the leisure and hospitality sector, remain below pre-pandemic levels. However, in other sectors, the data suggests a return to normal or near-normal levels.

The data further reveals a significant decline in job openings, plummeting from a peak of 11.8 million in April 2022 to 8.1 million in May 2025. This represents a decline of 30.1 percent or 3.6 million job openings within just over two years. However, despite the decline, job openings have increased by around 1.2 million from February 2020.

Amid economic data weakening across various indicators, including new home sales, housing starts, existing home sales, new durable goods orders, and real consumer spending, concerns have arisen about the likelihood of a recession. The Real Final Sales (RFS) indicator, which is considered the real bottom line estimate for the economy, has declined to 1.1 percent and is falling rapidly, signaling a potential recession.

The contribution of Gross Private Domestic Investment and net exports to the GDPNow forecast has also declined, further exacerbating concerns about a looming economic downturn. Taken together, these weak economic indicators have led some experts to suggest that a recession has either already begun or is on the horizon.

As the economy faces these challenges, individuals are seemingly less inclined to change jobs, indicated by the decline in job hopping. This lack of job mobility may be attributed to increased uncertainty and fear of job losses, rather than a desire to seek better opportunities. However, the situation remains fluid, and analysts will closely monitor economic data and indicators to assess the overall health of the economy.

Disclaimer: The preceding article is based on information provided by the Bureau of Labor Statistics (BLS) and the Atlanta Federal Reserve, and should not be considered as direct financial advice.