New Jersey Fares Well Nationwide Regarding Job Resignations

New Jersey gets an undeserved bad rap, yet continues to fare very well in various national surveys.

Here’s the latest case in point.

In a recent WalletHub survey, New Jersey finished 4th best in America in terms of lowest job resignation rates nationwide.

Here are the results for 2022’s States With the Highest Job Resignation Rates.

NEW JERSEY JOB RESIGNATION STATISTICS

• Resignation rate during the most recent month = 1.70%
• Resignation rate during the past 12 months = 2.33%
• New Jersey’s overall ranking in America = 4th

This really is an extraordinary ranking, based upon all of the various factors, including emerging from the COVID-19 pandemic.

There are so many available statistics detailing the high percentage of Americans who do not like their job.

Yet, very few New Jerseyeans have quit their current job.

WalletHub had experts weigh in regarding the current shifts in the American labor force, saying:

“Looking at Labor Force Participation Rate statistics, lower total LFPR is driven in a large part by older workers. Rates for younger workers have mostly recovered to their pre-pandemic levels, but are still significantly lower for those above 55. This is partially driven by the age profile of COVID victims, high asset prices helping retirement portfolios (although this has been largely reversed now), and the general difficulty of finding new work as an older worker.”
Colin Corbett, Ph.D. – Assistant Professor, Bradley University.

WalletHub also looked at how the decreasing work participation rate is affecting employers:

“It is clear that employers are struggling to attract workers. Many are raising wages, offering bonuses to new employees, or providing other inducements...To some extent, employers want to avoid making permanent commitments to higher wages if the current conditions are temporary, so they may be expanding supply less and raising prices more.”
Joshua L Rosenbloom – Professor; Department Chair, Department of Economics, Iowa State University.

Despite these challenging realities, New Jersey is doing very well; especially when compared to the other 49 states.

SOURCE: WalletHub