More evidence of a weakening US labor market: The quits rate in the private sector declined to 2.0% in October, the lowest since the 2020 pandemic. This measures the proportion of private workers voluntarily quitting their jobs. At the same time, the total nonfarm quits rate fell to 1.8%, the lowest since May 2020. Both metrics are now consistent with levels seen during in midst of the 2008 Financial Crisis. For perspective, private and total quits rates during the 2001 recession were higher at 2.5% and 2.2%, respectively. As hiring slows, fewer job opportunities are present, leading to a reduced number of workers quitting. The US job market needs rate cuts.(The Kobeissi Letter)