2.8 Million Americans Quit Jobs in September
One of Federal Reserve Board Chair Janet Yellen's statistics for assessing the heath of the economy was updated on Thursday. Yellen and other members of the Federal Open Market Committee estimated about job market by using the bureau of Labor Statistic's Job Openings and Labor Turnover Summary, commonly known as JOTLS report.
The report for September by the US Labor Department, based on JOLTS survey, has reported that 2.8 million workers or 2% of US employees willingly left their jobs in September, which is faster than in any month over the last six years.
According to Reuters report, the rate of job quitting severely fell during the 2007-09 recession. Job market analysts have suggested that the lack of quitting during that time frame created stable wage growth, as employers didn't have to do much to retain employees due to the limited turnover.
Now the highest job quitting rate in September since 2008 is a key indicator of favorable economic times. The report also shows that as quitting rose, so did the rate of hiring rates in September, giving people more employment options.
The report also highlighted that the job openings rate has fallen, but still remained above pre-recession levels. Some of the highest quit rates were in low-wage industries like hotels, restaurants and retail. Hopefully those people are getting better-paying jobs, but the raises might not be all that large.
In the first week of November, the Labor Department reported 278,000 claims for unemployment benefits from the state.
Ian Shepherdson, a Pantheon Macroeconomic economist, said that this increase is nothing to worry about as explaining that the claim figure has remained under 300,000 for nine consecutive weeks.
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