In March, New York state witnessed a significant increase in the number of workers quitting their jobs compared to the previous month. A total of 195,000 people left their jobs in March, marking the biggest increase in any state in the country. This increase in worker quits amounted to a quit rate of 1.7 percent, a 0.4 percent jump from February, according to data from the U.S. Bureau of Labor Statistics. New York was followed by New Jersey and Illinois in terms of the number of workers who quit their jobs during this period.
New York’s recovery from the economic impact of the pandemic has been steadily progressing. The state experienced a high unemployment rate close to 17 percent in May 2020, but this has now dropped to 4.3 percent. The labor force participation rate has also returned to pre-pandemic levels, providing a positive indication of the state’s economic recovery. Additionally, there were 532,000 job openings in March, representing an increase of 19,000 compared to the previous month. This data suggests that workers leaving their jobs may be confident in their ability to secure new employment, especially with the increase in job openings.
Governor Kathy Hochul has expressed optimism about the state’s labor market recovery, noting that private-sector jobs reached 8.35 million in March. She highlighted that the economy in New York has not just recovered but has been completely transformed, with businesses thriving and New Yorkers getting back to work. However, some experts have pointed out that the recovery may not be as widespread as the data suggests, with most of the job recovery concentrated in New York City and the downstate suburbs.
Looking ahead, forecasts indicate that New York’s economy is expected to grow by nearly 2 percent in 2024. While the state’s unemployment rate is currently higher than the national rate, it is expected to rise slightly next year before a rebound in the second half of 2025. Analysts from TD Bank anticipate the state’s unemployment rate to average 4.6 percent next year before decreasing to 4.3 percent in the following year. This forecast provides insight into the trajectory of New York’s economic recovery and the potential challenges and opportunities that lie ahead for the state.
Overall, the increase in worker quits in New York in March reflects confidence in the state’s labor market and the ability of workers to find new job opportunities. The state’s steady recovery from the impact of the pandemic, as evidenced by declining unemployment rates and increasing job openings, bodes well for the future economic growth of New York. While there are challenges, such as disparities in job recovery between different regions of the state, forecasts indicate positive growth prospects for New York’s economy in the coming years.
