A few months back, Janet Yellen suggested that more Americans do their patriotic duty and quit their jobs, the better to demonstrate confidence in their ability to find another one because they economy is doing oh-so well. As in previous times of national crisis, her countrymen are listening to such exhortations.
Thursday morning the Bureau of Labor Statistics reported that the quit rate went up sharply in September, to 2 percent, returning to its level at the onset of the recession.
But leave it to an economist to spit in Yellen’s celebratory Mai Tai.
Far from suggesting a sharp improvement in labor market conditions, today’s report suggests that the quit rate is now roughly where you might expect it to be, given the unemployment rate.
A Higher Quit Rate Among Employees Actually Offers Hope [TheUpshot blog]