US labor market showing clear signs of weakening. The private sector quits rate dropped to 2.0% in October—marking the lowest point since the pandemic crash in 2020. This metric tracks the percentage of workers voluntarily leaving their jobs, and lower numbers typically signal reduced confidence in job availability and career mobility.

When workers stop quitting, it usually means either they're struggling to find better opportunities elsewhere, or they're holding tight to their current positions due to economic uncertainty. Combined with the total nonfarm quits data, the trend suggests employers aren't facing as much pressure from talent exodus as they were in prior years.

For crypto investors watching macro conditions, a contracting labor market often precedes broader economic slowdown—something worth monitoring as we track broader market sentiment and risk appetite.