Quitting your job for a better one is often how you advance your pay and career progression. So it could be good news that quit rates and pay are going up. But unemployment remains high and many jobs are unfilled. Normally quits and hires move together or with a slight lag. But an index of quits and hires from JOLTS show the correlation broke down during the pandemic and into the recovery. Some months they move together, other months not at all, and last month quits were up and hires were down, suggesting some people may be quitting their jobs and not moving into another one. One thing is for sure, the relationship between quits and hires does not make sense anymore, and neither does this labor market.
Source: Federal Reserve Economic Data
Interested in real economic insights? Want to stay ahead of the competition? Every Wednesday, e21 delivers a short email that includes e21 exclusive commentary and the latest market news and updates from around the Web. Sign up for the e21 Weekly eBrief.
Photo by alexskopje/iStock