On top of all this the poverty rate continues to rise. So where is all the success in the jobs market? Where is Janet Yellen getting her information on the successful economy, the White House?
More Workers Are Quitting Their Jobs
Source: Rob Garver, "People Are Quitting Their Jobs. That's Good News." Fiscal Times, August 28, 2014.
September 2, 2014
According to Janet Yellen, Chairman of the Federal Reserve Board, an important indicator of labor market health is the job quit rate: how many workers are voluntarily leaving their jobs?
As Rob Garver at the Fiscal Times explains, the idea that a high quit rate is a good thing is based in the notion that most workers would not voluntarily leave their jobs unless they felt confident that they could find another.
Quit rates have generally corresponded with ups-and-downs in the economy. For example:
As Rob Garver at the Fiscal Times explains, the idea that a high quit rate is a good thing is based in the notion that most workers would not voluntarily leave their jobs unless they felt confident that they could find another.
Quit rates have generally corresponded with ups-and-downs in the economy. For example:
- Prior to the recession, the quit rate per month for non-farm workers was above 2 percent.
- During the recession, that figure dropped to 1.3 percent - a low that had not been seen for a decade.
- While the recession officially ended in 2009, quit rates remained low until recently.
- Over the last two years, the quit rate has slowly risen, reaching 1.8 percent in the month of June.
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