Probably true for other countries as well:
A few excerpts:
Although the quit rate normally varies with the state of the labor market, rising when it is tighter and there are lots of jobs around, the overall trend has been lower since the 1980s. The reasons are not well understood. Some economists suspect it is due to the growing power of employers or maybe the increasing prevalence of non-compete agreements. But these can’t explain why job switching has fallen across all skill and income levels, and even in industries with competitive labor markets. Maybe the reason has to do with how employer-provided benefits have become a bigger part of overall compensation. Economists have speculated that the lack of job changes is a big reason why wages haven’t gone up much since the 1980s.
The pandemic and the work-from-home environment it spawned also led many economists to speculate that workers would become better adapted to technology, more efficient and strike a healthier balance between work and life . This, in turn, would leave them more mobile. A Microsoft Corp. workplace trends survey found that 40% of Americans are considering leaving their jobs this year. And many are doing just that, with 2.5% of the employed quitting their jobs in May, according to the Bureau of Labor Statistics’ Job Opening and Labor Turnover Survey. Although that’s down from the record 2.8% in April, it’s still higher than any other point since at least before 2001. Plus, consider that the quit rate was only 2.3% in 2019 when unemployment was just 3.6%, compared with 5.8% this May.
Economists estimate that industries where workers switch jobs more often offer higher pay. To many economists, the fact that job switching had become less common contributed to more inequality and less economic mobility.