This is a factor Google takes into account when calculating rankings for SERPs. If people quickly bounce back to the SERP after clicking the link to your site and it happens too often, Google will penalize your site in the page rankings. Similarly if your site is sticky, you get rewarded in the SERP rankings.
That is misleading and is perpetuating a myth.
What is important is the bounce rate given for individual pages on your site - not the average for your site as a whole.
Google ranks pages not sites. If your site has 10,000 pages then it has 10,000 "home" pages with each ranking according to its unique content. A visitor bounces from a page because they did not find the content they thought they would when they clicked on it in the serps.
The fact that this page may drop in the serps is because it does not have the content it should have and not because Google is watching bounce rates. It is ranked lower because the algorithm is looking at the page content, links to the page etc. and found it to be lacking.
Google does not use "bounce rate" as a ranking factor but you can use it to see that your page is probably appearing for searches that it should not be. That means you should fix up the page to better target the keywords it is intended to target and to make sure the content on the page relates to your target keywords for that page and is engaging to visitors.
"Bounce rate" is an indicator intended to help website owners using adsense optimize their webpages so they generate more revenue for Google. It is not used as a ranking factor in the organic results.
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