A phenomenon that defined the pandemic-era labor market is over. The Great Resignation — where workers furiously quit for new, likely higher paying jobs — is a thing of the past, Axios' Courtenay Brown writes.

Why it matters: The historic surge of quitters was a symptom of an on-fire labor market, where demand for workers outstripped the supply of them.

• Now the job market may be entering a different era — one that more closely resembles pre-pandemic times.

By the numbers: The quits rate fell to 2.4% in April, according to the Job Openings and Labor Turnover Survey, released this morning.

• That is just a tick (0.1 percentage point) higher than the quits rate in February 2020 — and roughly in line with the average quits rate in 2019.
• Even leisure and hospitality workers, once the poster children for the quits boom, are returning to pre-pandemic norms. The quits rate in this segment hit 4.6% in April — very close to the January 2020 rate of 4.4% and well below the peak 5.8% recorded last summer.

What they’re saying: “We are pretty much back to a strong, robust labor market, but one that is no longer overheating,” says Julia Pollak, an economist at ZipRecruiter.

Flashback: At the height of the Great Resignation, the overall quits rate peaked at 3% in April 2022, when there were roughly 4.5 million quits in a single month.

• Turnover of that magnitude had never been seen before — at least not since the Labor Department started collecting the data in 2000.

Worth noting: One indicator — also released in today’s JOLTS report — shows still-strong demand for workers that far exceeds pre-pandemic norms, Courtenay writes.

• Job openings ticked up to 10.1 million in April, roughly 358,000 more vacancies than in March.
• The result is 1.8 open jobs for every unemployed worker. That ratio is down from its peak, but still bigger than any other point before the pandemic.

Yes, but: Job openings can be volatile month to month.

🌳 Delta is facing a proposed class-action lawsuit alleging it misrepresented itself as "carbon-neutral" in marketing campaigns. (CNBC)

🥤AB InBev shares ended their worst month since 2020 following backlash over its Bud Light brand partnership with Dylan Mulvaney. (Bloomberg)

Adidas began unwinding its unsold inventory of Yeezy-branded sneakers today as the company tries to put its partnership with Ye, the rapper formerly known as Kanye West, firmly in the past, Hope writes.

Why it matters: Adidas still holds more than $1 billion worth of shoes from the collaboration, which ended last fall following erratic behavior and antisemitic rants from the artist.

• The discontinuation has continued to take a toll on the company, particularly in North America where it saw a 20% sales decline in its first quarter (5% excluding Yeezy).

The intrigue: Despite the reasons for the partnership's breakup, Adidas still pumped hype into this week's sales "much as it would" with the release of other highly coveted products, WSJ notes.

• The company has struggled to decide how to dispose of the inventory and has pledged to donate at least some of the proceeds to organizations “working to combat discrimination and hate.”

Sean “Diddy” Combs sued Diageo today, Hope writes, alleging the spirits giant has mismanaged his DeLeón tequila brand while heavily supporting two other tequila brands, including one co-founded by George Clooney, Casamigos.

Zoom in: Among Combs' allegations — that Diageo pigeonholed his brands — including vodka brand Ciroc, another in which he partners — as "'Black brands' that should be targeted only to 'urban' consumers," according to the suit.

Zoom out: Casamigos, which Diageo bought in 2017, is the No. 1 selling U.S. tequila brand with nearly 13% of tequila sales in retail stores, while DeLeón, which Combs has co-owned with Diageo since 2014, has 0.4% share, according to WSJ.

The other side: Diageo denied the allegations in a statement, calling the situation with Combs "a business dispute."

"If we, refugees from Somalia, can get Amazon to change, you can do it too."