The job market enters a new phase as the Great Resignation ends

As the dust begins to settle on the Covid-fueled economic tumult of the last few years, one pandemic-era trend appears to be on its way out: The Great Resignation.

Almost 50 million people quit their job in the two years following the worst of the pandemic, citing pressures such as burnout, general job dissatisfaction, or child care or elder care needs. Amid a tight labor market, many were also able to find a better job, with better pay.

The trend was so prevalent that Beyoncé even released a song about it.

Now, experts say the phenomenon is finished. Ten straight interest rate hikes by the Federal Reserve, slowing wage growth, stubborn inflation and mass layoffs in some industries may be causing Americans to stay put.

"The great resignation, by really any measure, is over," said Nicholas Bloom, a professor of economics at Stanford University who studies labor economics. The combination of a tight labor market and structural change from the pandemic catalyzed job reshuffling over the past three years, he said. "But that's moved into the window of history now."

Data from the Bureau of Labor Statistics bolsters Bloom's observation: The number of people quitting their jobs fell by 49,000 in April compared to March, according to the most recent numbers available from the Job Openings and Labor Turnover Survey.

In fact, the so-called "quits" rate has steadily declined since last spring and is now virtually identical (just 0.1% above) the pre-pandemic rate in February 2020. Essentially, quits are back to the 2019 pre-Covid average.