Signal US workers shift from job hopping to job hugging as quits and hiring both fall

Summary

Deloitte observes that US workers have moved from job hopping to what it calls job hugging, staying put rather than seeking new roles. Data from the Federal Reserve Bank of St Louis show fewer workers quitting voluntarily, which the report treats as a possible sign of falling confidence. At the same time, hiring has slowed considerably, turning the post-pandemic hiring boom into an uncertain labor market. Deloitte frames this as part of a broader transfer of power from workers back to organizations. Combined with AI's effects on jobs, this shift is pushing workplace culture toward a tipping point, where connection to company culture and trust in employers are both weakening.