New York Fed Reports Fewer Americans Are Changing Jobs, a Sign That the Labor Market Is Cooling

An employment application form is displayed during a restaurant job career fair organized by the industry group High Road Restaurants in New York City on May 13, 2021. Brendan McDermid/Reuters

Fewer Americans were changing jobs in July compared to the same time in 2021, a sign that the U.S. labor market is cooling, according to the Federal Reserve Bank of New York’s July 2022 SCE Labor Market Survey released on Aug. 22.

The rate of employees quitting their jobs to work for a different employer fell to 4.1 percent in July compared to 5.9 percent 12 months prior.