.png)
Posted on 02/09/2016 8:07:31 AM PST by SeekAndFind
Americans are quitting their jobs like crazy, and this is good news for wages.
The latest monthly "Job Openings and Labor Turnover Survey" (JOLTS) showed that in December, the total number of quits was 3.1 million, the highest level in a decade, while the quits rate was 2.1%, the highest since April 2008.
This rate, which takes the number of quits divided by the number of employees who worked or were paid for work, is one of the labor-market metrics most closely watched by Federal Reserve chairwoman Janet Yellen.
If people are quitting their jobs, it suggests that they are confident in the labor market and are receiving better-paying opportunities elsewhere.
This makes it a leading indicator of wage inflation, according to Deutsche Bank's Joe LaVorgna.
In a note Monday, LaVorgna noted that the quits rate leads the year-over-year trend in average hourly earnings by six quarters.
For him, the quits rate was the most crucial thing in this report, as it gives us the state of wage inflation. And with the U-3 unemployment rate at 4.9% -- the Fed's estimate of full employment -- this inflation-related data is even more crucial.
The report also showed that there were 5.6 million job openings during December, the second-highest ever, and more than the expectation for 5.41 million.
The hires rate was 3.7%, and the layoffs and discharges rate was 1.1%.
(Excerpt) Read more at businessinsider.com ...
More like quitting the low wage check out clerk job they were forced to take years ago.
And getting back into the saddle of what they did before.
RE: More like quitting the low wage check out clerk job they were forced to take years ago.
And getting back into the saddle of what they did before.
_____________________
Well, that means the better paying jobs are increasing and becoming more available ...
As for the low wage check out clerk job ... hmmm... who’s filling those positions?
-Or going from one low paying job to another. I doubt the retention rate is high in minimum wage jobs.
Rising wages and low unemployment used to be desirable. It was called prosperity. Now it that situation is considered a an economic crises that needs to be dealt with harshly.
Or it may suggest that one of those opportunities is suckling off the government teat once all the hassles of working are factored into the equation.
Legal immigrants?
I left a job of 19 years, went to another that paid more last year, same type of work.
Turn over is about six weeks.
There may be a different dynamic at play here.
People leaving w-2 jobs for 1099 work.
Employers offering 1099 work as a way to avoid Obamacare and people finding more flexibility as “self-employed”.
Is it just presumed that the quitters moved on to another job? Maybe, they decided work isn’t worth it. All the taxpayer goodies looks more profitable than getting a pesky job!
“Just-In-Time” Employment is the future.
According to the U.S. Department of Labor
Well there is their mistake. Listening to this group for “facts”.
It says “like crazy”. How about the are going on SSDI as crazy?
“Employers offering 1099 work as a way to avoid Obamacare and people finding more flexibility as ‘self-employed’.”
Hope they are still happy after they pay their self-employment tax and healthcare “tax”....
I did not read the article, but one question. How do they know quit vs fired?
On the other hand, at 34K a year in cash, housing, food and benefits tax free why work when sitiing home pays better.
Or they're jumping on welfare or disability.
In other news, the oldest of the Boomers started hitting retirement age in the last several years.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.