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Workers Shed Caution, in a Healthy Sign for Labor Market
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The U.S. "quit rate" reflecting job churn in the economy with workers leaving for better job opportunities increased to 1.8% in Nov. 2013, increasing from 1.2% low in Sept. 2009, according to the Labor Department. 2.4 million workers resigned in Nov. 2013. This includes workers retiring and choosing not to work. The quit rate was about 2.1% betwen 2000 and 2006. About 20% of the churn is from the lower paying hotel and restaurant sector. As the U.S. population ages and workers look for more stable jobs the number of workers leaving jobs is declining since the 1990's.
Economists Steven Davis and Janet Yellen on the U.S. "quit rate" as a sign of upward mobility
02/10/2014
As workers look for better paying jobs and career opportunities this increases upward mobility and also creates jobs for new graduates or other workers. This job churn slowed down after the the 2009 recession. Even though more workers are holding on to jobs for longer creating more job stability and the quit rate is lower than in earlier periods some job churn is healthy for a economy with a growing population.
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Workers Shed Caution, in a Healthy Sign for Labor Market
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