Employers are cutting jobs and withdrawing offers. Why are Texans still quitting?

Rising interest rates, soaring gasoline prices and a Wall Street downturn are bad omens for the U.S. economy, yet many workers continue to believe it’s a job-seeker’s market. Their optimism persists even as some employers are cutting positions and even withdrawing job offers. In April, 403,000 Texans quit their jobs, according to data from the U.S. Bureau of Labor Statistics. Although that represents a decline from March, the number remains near the historical high — and 66,000 higher than before COVID-19. In addition, nearly half of Dallas-Fort Worth workers said they plan to look for another job in the second half of 2022, according to a survey by staffing firm Robert Half. Their primary motivation is to boost pay. The survey, conducted in late May, shows optimism among workers nationwide, and North Texas results are even stronger. For example, 48% of those surveyed in D-FW were looking or planning to look for a new role in the next six months, compared with 41% of respondents nationwide, the firm said.

In D-FW, 93% expressed confidence about their skills, compared with 88% in the U.S. “This is such a growth market that candidates continue to hear about a lot of opportunities,” said Thomas Vick, Dallas-Fort Worth regional director for Robert Half. “And when you’re getting so many calls, it makes you feel good about yourself and your skills. It’s kind of like being patted on the back over and over again.” The latest jobs report continues to show a red-hot labor market. Dallas-Fort Worth added 294,700 jobs in the 12 months ending in May, roughly three times more than the typical annual gains before the pandemic, the BLS said in late June. The agency also reported 955,000 job openings in Texas in April, down from just over 1 million in March. Those are huge numbers, especially in a time of low unemployment. In April, job openings surpassed the number of unemployed in Texas by 334,000 — a gap that’s nearly seven times greater than before the pandemic hit. “There’s still a lot of power in employees’ hands right now,” said Andy Challenger, senior vice president of the global outplacement firm Challenger, Gray & Christmas. “We’re at the top on a lot of different metrics — open jobs, level of layoffs, people quitting. All those signs say the labor market is running really hot.”