Layoff rates for the US contingent workforce significantly declined during the third quarter, according to a recent report by Magnit.

Layoffs for life science positions fell by 32% from the second quarter, while consumer products and services positions saw a drop of 30%.

“As layoff rates decrease, we’re finding that workers are becoming less risk averse as they adapt to the new labor market, leading to a 12.1% quarter-over-quarter increase in voluntary terminations,” Dustin Burgess, senior VP of strategic advisory at Magnit, said in a press release.

Burgess also highlighted areas where layoff rates increased, particularly in manufacturing, where they rose by as much as 45%.

In terms of pay, average hourly pay decreased by 8% during the third quarter as the labor market rebalanced in response to rising interest rates and declining hiring volumes, according to the report. 

The study, based on various internal and external sources, used proprietary algorithms to aggregate, cleanse, anonymize and analyze data to ensure compliance with privacy and data protection regulations.

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