January job quits rate hits lowest level since 2020, says Bureau of Labor Statistics

(CNN)– Fewer people are quitting their jobs.

The federal government found the quits rate or the number of people quitting as a percentage of total employment was 2.1% in January.

That’s the lowest reading since August 2020.

The report also showed hiring activity and the number of available jobs continued to ease from the record high levels reached during the pandemic recovery.

Layoffs dipped too.

The number of job openings remain well-above pre-pandemic averages, highlighting the continued strength of the labor market.