Job-switching surged in recent years, benefiting low-wage workers with higher pay.
The wave of quitting by employees created a moment of worker power and increased demand for higher wages.
However, the "great resignation" is now ending, with a sharp decline in voluntary job quits in recent months.
Quitting rates have returned to prepandemic levels in industries like hospitality and retail.
The future of workers' gains during the great resignation is uncertain as employers may regain leverage.
The economy's potential recession in the next year could further impact the balance of power between workers and employers.
Tens of millions of Americans changed jobs in the past two years, reflecting the significant impact of job-switching.
The possibility of employers regaining leverage raises concerns about the sustainability of workers' gains.